Firm eases into high-end market with plans to acquire assets from shareholder Golden Resorts Group expects to acquire seven casino VIP rooms from its shareholder, Lee Wai-man, expanding its profile in Macau's gaming industry, a senior official revealed yesterday. Mr Lee, who is a non-executive director of the group and holds 46.28 million shares - 3.82 per cent of its issued capital - also owns the seven VIP rooms offering gamers seats at 33 tables, which gives him the largest share of this segment of Macau's gaming market. Two of the rooms are located in the group's wholly owned hotels, the Casa Real, and the Grandview. The others are in the Lisboa Casino. 'As the valuation of the seven casino VIP rooms exceeds the market capitalisation of Golden Resorts itself, we need to acquire them step by step,' chief executive Pollyanna Chu said. She said the group would unveil the first acquisition soon, but gave no exact timeframe. The group is expected to first acquire the Golden Times VIP rooms in the Grandview Hotel, since it has already been awarded a gaming intermediaries' licence to run the rooms. Licence applications for the remaining rooms are under consideration. The VIP rooms owned by Mr Lee are operated under a gaming intermediaries' business licence issued to Stanley Ho Hung-sun's company, Sociedade de Jogos de Macau. Golden Resorts neither owns nor operates any casino VIP rooms at present. But it runs two gaming halls in its two Macau hotels, with 104 tables between them. 'The two gaming halls generated turnovers of about $46 million in August,' Ms Chu said. The group increased its tables in the Grandview Hotel from 15 to 51 this month and also plans to upgrade its facilities at Casa Real. Golden Resorts yesterday posted its results for the six months to June. Revenue was $107.72 million, up 89.6 per cent over the same period last year, thanks to contributions from its newly acquired hotel and gaming business during the period. But it posted a $365.9 million net loss, mainly due to a one-off accounting treatment of a share-based expense of $496 million charged to the income statement. Excluding this, the company recorded a gross profit of $37.3 million, up 5.3 times over gross profit in the same period last year.