I had two solutions.

Solution 1
Code:

$ = ReadValue('HKCU\Software\Golfing', 'Round1')
Do	
	$ = SubStr($, 1, InStr($, '|') - 1) + ' ' + SubStr($, InStr($, '|') + 1, Len($))
Until InStr($, '|') = 0
If Rtrim($) = 'Enterprise Terminal Server'
	? 'Value Present'
EndIf


Solution 2
Code:
  
$ = Split(ReadValue('HKCU\Software\Golfing', 'Round1'), '|')
For Each $a in $
	If InStr('Enterprise Terminal Server', $a) = 0
		Exit
	EndIf
Next
? 'Value Present'