Iao Kun’s rolling chip turnover down 44 pct in July

Aug 04, 2016 Newsdesk Latest News, Macau, Top of the deck  

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Macau VIP gambling room investor Iao Kun Group Holding Co Ltd said on Wednesday that its rolling chip turnover in Macau for July fell 44 percent year-on-year to US$250 million, from US$440 million in the prior-year period.

Its win rate for the month of July was 3.20 percent, the Nasdaq-listed firm added.

For the first seven months of 2016, Iao Kun’s rolling chip turnover was US$2.30 billion – an average of US$330 million per month – down 47 percent year-on-year. During the same period in 2015, the firm recorded aggregate roll of US$4.36 billion, an average of US$620 million per month.

The Macau government on Monday announced that city wide in July, gross gaming revenue for the mass market and VIP segments combined had fallen by 4.5 percent year-on-year.

Iao Kun’s business partners promote five high roller facilities in Macau casinos. In May 2015, Iao Kun announced completion of a deal allowing the firm to expand its casino junket operations to Crown Perth Casino and to Crown Melbourne Casino, in Australia.

Nasdaq-listed Iao Kun is in the process of acquiring the Jeju Sun Hotel and Casino on Jeju Island, in South Korea. The firm said that the acquisition was the “optimal way” to diversify its business outside of Macau.

Iao Kun is buying the Jeju property from Philippines casino operator Bloomberry Resorts Corp for a total consideration of KRW117.5 billion (US$105.4 million).

Lam Man Pou, chairman of Iao Kun, had said in a statement that the company was seeking to expand its footprint in Asia, in order to “further diversify and stabilise” the firm’s revenue streams and cash flows.

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