Iao Kun Group Holding Co Ltd, a business that had originally listed on Nasdaq in July 2010 as a Macau VIP gambling room investor, announced on Wednesday that it had changed its name to LiNiu Technology Group.
“We… want to thank shareholders for approving our name change, which we believe better conveys what we are trying to accomplish as well as our strategic outlook over the long term,” said a statement from Wang Shun Yang, co-chief executive, contained in the press release giving the news.
The firm reiterated that earlier this month it had launched the LiNiu Network, an electronic trading platform focused on the Chinese agricultural sector.
Wednesday’s release said the company still participates in the promotion of a VIP gaming room at the City of Dreams Macau, a property owned by Melco Resorts and Entertainment Ltd.
Iao Kun’s VIP room gaming promoters and collaborators oversaw five VIP gaming facilities in Macau as of the end of August 2016. But the firm announced on September 2 a “comprehensive strategic review” of its operations in Macau in order to “enhance its operating performance”.
The company has since reported shutting down four of its promoted Macau VIP rooms.
In mid-March this year, Iao Kun’s listing was relegated from the Nasdaq Global Market to the Nasdaq Capital Market after the firm was unable to regain compliance with the minimum bid price requirement of US$1.00 per share set out in the exchange’s listing rules.
In late March, Macau’s Court of First Instance declared the bankruptcy of a VIP promoter linked to Iao Kun, following a petition by Galaxy Casino Co Ltd – a subsidiary of Macau casino operator Galaxy Entertainment Group Ltd.
With effect from Thursday (April 27), the newly-named LiNiu Technology will start trading on Nasdaq under its new ticker symbol ‘LINU’. The stock will no longer be traded under the symbol ‘IKGH’.
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”Given that the blanket casino closure [in Macau due to Typhoon Mangkhut] happened on an all-important weekend day… we expect that somewhere between MOP1.1 billion [US$136.2 million] and MOP1.5 billion in GGR will be lost”
Analyst at Union Gaming Securities Asia