Macau is a Special Administrative Region of China and the only location in China that permits casino gaming. It is believed that Macau is well positioned to be one of the largest gaming destinations in the world. One of the world\'s largest gaming markets, Macau is located in a highly-populated region of the world. Evidenced by the recent opening of Macau gaming facilities by Steve Wynn and other Nevada-based casino and hotel operators, it is believed that Macau is currently underserved by its regional gaming facilities. According to the government-run Statistics and Census Service, tourism in Macau is expected to continue to grow as the Chinese government continues to implement its policy of liberalizing historical restrictions on travel and currency movements.

The hospitality industry can be subdivided into three major ownership/operator segments: asset owners, brand owners/operators and independent operators.

Asset owners own direct (or, more typically, through holding entities, indirect) interests in actual real estate and related assets. Asset owners are typically private equity firms, private or public real estate investment trusts or companies, and individual investors whose primary business is to own real estate assets in various segments of the hospitality industry.

Brand owners/operators are owners, managers and/or franchisors of hotel brands. They typically manage the assets themselves for a fee, or franchise the assets to independent operators. Occasionally, like asset owners, brand owners own actual interests in the real estate and related assets.

Independent operators typically combine the operations of both asset owners and brand owners/operators. They are companies that manage diverse assets under different brands, which they typically franchise. In some cases, they also own direct or indirect interests in actual real estate and related assets.

Although not limited to any one sector within the leisure and hospitality industry, the Company intends to focus its acquisition strategy on target businesses in the following sectors of the leisure and hospitality industry that are located in the PRC or otherwise provide their products and services to consumers located in China:

• hotels;

• tourism;

• gaming and casinos;

• condo-hotels/fractional time-shares/destination clubs;

• cruise lines;

• golf resorts and spas; and

• related amenity or service businesses.

The Company estimates the net proceeds from the sale of the units in the offering and the insider warrants will be $100 million ($114.25 million if the over-allotment option is exercised in full), after deducting offering expenses of approximately $5.7 million ($6.4 million if the over-allotment option is exercised in full) not including the underwriters’ deferred fees.