May 29, 2014 Newsdesk Latest News, Macau, Top of the deck  
Macau VIP room gaming promoter Iao Kun Group Holding Co Ltd posted a sharp profit drop in the first quarter of this year. Net income went down to US$3.2 million, a fall of 54.3 percent from one year earlier, the Nasdaq-listed company said in a statement released on Thursday.
Iao Kun stated the decrease in net income was due primarily to “a net increase” to contingencies for some of its VIP rooms “due primarily to an increase in the forecasted rolling chip turnover performance”. Higher commissions, which jumped to US$55.1 million from US$42.7 million, also had a negative impact on the company’s bottom line.
Non-GAAP income – operating income before amortisation of intangible assets and the change in fair value of contingent consideration liability – was US$17.9 million, compared to US$15.3 million a year before.
Rolling chip turnover reached US$4.8 billion in the first three months of this year, an increase of 16 percent on year-on-year terms.
Iao Kun recorded revenue of US$79.9 million for the period, up by 24.2 percent. The growth was fuelled by a higher-than-normal win rate of 3.60 percent, as well as revenue derived from the acquisition of a new VIP room in June last year.
“Our overall strategy remains unchanged,” company chairman Man Pou Lam said in a statement. “We are committed to expanding our business presence in the Macau VIP gaming market and increasing our market share.”
The company is maintaining its 2014 rolling chip turnover guidance for its five existing VIP rooms of US$17 billion to US$19 billion. Iao Kun operates VIP rooms at StarWorld hotel-casino, Galaxy Macau, Sands Cotai Central, City of Dreams and Le Royal Arc casino.
Jun 02, 2023
Jun 01, 2023
Jun 02, 2023
Jun 02, 2023
Jun 02, 2023
Genting Singapore Ltd says Lam Yi Young has resigned from his role as deputy chief executive of Resorts World at Sentosa Pte Ltd. The latter firm is an indirect wholly owned subsidiary of Genting...Jun 01, 2023
Alfastreet, a manufacturer of electronic gaming machines,...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
US$8.1 billion
Macau’s casino gross gaming revenue in the five months to May 31