• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Iao Kun gaming ops post US$215mln loss in full 2016

May 02, 2017 Newsdesk Latest News, Macau, Top of the deck  


Iao Kun gaming ops post US$215mln loss in full 2016

Iao Kun Group Holding Co Ltd reported a net loss of US$215.0 million for its gaming operations in full year 2016, the firm announced on Friday. That compared with net income of US$5.1 million for 2015.

The company said in a press release that the 2016 results included US$100.4-million in bad debt and a US$97.3-million impairment of intangible assets.

Iao Kun, a business that had originally listed on Nasdaq in July 2010 as a Macau VIP gambling room investor, announced last week that it had changed its name to LiNiu Technology Group.

The firm stated in its latest release that its rolling chip turnover for full year 2016 was US$2.4 billion, a decrease of 62 percent compared to US$6.4 billion for 2015. It said that the slowdown was partly a result of “lower demand” from VIP patrons “due to the ongoing anti-corruption campaign in mainland China”; “the company continuing to tighten gaming credit as a result of lengthened collection period on certain markets”; and the Macau gaming regulator “banning proxy betting”.

Macau’s Gaming Inspection and Coordination Bureau implemented in May 2016 a ban on the use of telephones while at any of the city’s gaming tables. According to several industry observers, the tableside telephone ban meant an end in the Macau market to betting via telephone. Such activity is also known in the industry as ‘proxy’ betting because of the use of a person or ‘proxy’, physically present at the gaming table but making a bet as per telephoned instructions, on behalf of someone outside the casino.

Iao Kun’s VIP room gaming promoters and collaborators oversaw five VIP gaming facilities in Macau as of the end of August 2016. By the end of the following month, the company had shut down four of its promoted Macau VIP rooms as part of a “comprehensive strategic review”.

Friday’s release said the company still participates in the promotion of a VIP gaming room at the Altira Macau casino hotel, a property owned by Melco Resorts and Entertainment Ltd.

Wang Shun Yang, co-chief executive of LiNiu Technology, was quoted as saying in the release that “2016 was a difficult year for the company, and as such, the company took appropriate steps to streamline its operations, and is now completing its transformation into a technology-focused company that is creating solutions to improve the Chinese agricultural industry.”

The firm launched in April the LiNiu Network, an electronic trading platform focused on the Chinese agricultural sector.

Macau’s Court of First Instance declared in March the bankruptcy of VIP promoter Sang Lung Gaming Promotion Co Ltd, a company linked to Iao Kun. The decision followed a request for bankruptcy made last year by Galaxy Casino Co Ltd – a subsidiary of Macau casino operator Galaxy Entertainment Group Ltd.

Friday’s company release mentioned the judgement, saying LiNiu Technology had already filed an appeal regarding the court decision.

It added: “The bankruptcy process will be stopped in the stage of liquidation. However, if the appeal is not successful, the plaintiff may claim the relevant credits against the debtors of Sang Lung which may equal the entire default of lines of credit in the amount of approximately US$26.9 million (HKD203.8 million).”


  • tweet
Related articles
  • Cotai boosts MGM China rev, firm eyes more market share 
    Cotai boosts MGM China rev, firm eyes...

    Feb 14, 2019  

  • NagaCorp 2018 profit up 53pct, fuelled by VIP performance
    NagaCorp 2018 profit up 53pct, fuelled...

    Feb 14, 2019  

More news
  • Scorgie heads Indo Pacific’s new table games team
    Scorgie heads Indo Pacific’s new...

    Feb 18, 2019  

  • Budget hotel rule tweaks may aid Macau tourism: reps
    Budget hotel rule tweaks may aid Macau...

    Feb 18, 2019  


Latest News

Scorgie heads Indo Pacific’s new table games team

Scorgie heads Indo Pacific’s new table games team

Feb 18, 2019  

Indo Pacific Gaming International Pty Ltd, an Australia-based supplier and operator of gaming equipment, has linked – via a partnership – with gaming industry veteran Kevin Scorgie to set up a...
Read More
Budget hotel rule tweaks may aid Macau tourism: reps

Budget hotel rule tweaks may aid Macau tourism: reps

Feb 18, 2019  

Philippines’ taxman, Pagcor target POGO operations

Philippines’ taxman, Pagcor target POGO operations

Feb 18, 2019  

Amax Int sells interest in Greek Mythology casino

Amax Int sells interest in Greek Mythology casino

Feb 18, 2019  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$1.13 billion

Gaming revenue for full-year 2018 recorded by South Korean casino operator Kangwon Land



Most Popular

  • Universal Ent back to profit after Wynn Resorts settlementUniversal Ent back to profit after Wynn Resorts settlement February 15, 2019
  • No local Vietnam players at Hoiana launch: SuncityNo local Vietnam players at Hoiana launch: Suncity February 15, 2019
  • Beijing new grey money curbs with unclear impact on MacauBeijing new grey money curbs with unclear impact on Macau February 15, 2019
  • MGM Resorts places all-in bet on Osaka for Japanese casinoMGM Resorts places all-in bet on Osaka for Japanese casino February 15, 2019
Copyright 2014-2019 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us