GGRAsia – Iao Kun rolling chip turnover down in May

Iao Kun rolling chip turnover down in May

Jun 05, 2014 Newsdesk Latest News, Macau, Top of the deck

Macau VIP room promoter Iao Kun Group Holding Co Ltd’s rolling chip turnover was US$1.59 billion in May, down 4 percent from US$1.66 billion a year earlier.

In a statement on Wednesday, Iao Kun announced that the May win rate was 2.32 percent.

The company attributed the fall in rolling chip turnover “to severe rainstorms for nearly 10 days in mid-May” in Macau, Hong Kong and Guangdong province.

In the first five months of this year, Iao Kun’s rolling chip turnover was US$8.08 billion, an average of US$1.62 billion per month, up 12 percent year-on-year, the Nasdaq-listed company said.

Iao Kun runs five VIP gaming rooms in Macau, namely at the StarWorld Hotel and Casino, the Galaxy Macau, Sands Cotai Central, the City of Dreams Macau and Le Royal Arc Casino.

VIP baccarat accounted for 63.7 percent of total gaming revenue in the first quarter of this year, according to the latest official data available.

The company announced last month that profit for the first quarter was down by 54 percent to US$3.2 million. It also said it still plans to complete its Hong Kong dual listing by the end of the third quarter of this year.