Nasdaq-listed Macau VIP gaming room investor Iao Kun Group Holding Co Ltd announced unaudited rolling chip turnover of US$0.5 billion for April, down by 71 percent from a year earlier and a drop of 34 percent from the previous month.
Its win rate for April was 3.48 percent, the firm said in a statement on Tuesday. The company’s quarterly win rates have ranged from 2.2 percent to 4.0 percent from 2011 to 2014.
Iao Kun did not provide any reasons for the slump.
The firm is a mid-sized investor in Macau’s government-licensed VIP gaming promoters. The latter are commonly known as “junket operators”. Iao Kun benefits from the economic activity of five VIP rooms located in several Macau casino resorts.
Rolling chip turnover is a measure used by casinos to judge the aggregate amount of player bets and overall volume of VIP gaming room business.
The Macau market as a whole has registered year-on-year declines in gross gaming revenue (GGR) since June last year – driven by declines both in VIP and mass-market play.
Casino GGR fell 39 percent year-on-year in April, to MOP19.17 billion (US$2.40 billion), extending to 11 months the losing streak in Macau revenue.
For the first four months of 2015, Iao Kun’s rolling chip turnover was US$2.70 billion, an average of US$0.68 billion per month, down 58 percent year-over-year.
The company on May 1 announced an executive reshuffle, including the appointment of a new chief executive, chief operating officer and chief financial officer.
Last month, the firm said it had entered into a memorandum of understanding to expand its operations to Crown Perth Casino and Crown Melbourne Casino, in Australia.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia