Iao Kun says May rolling chip turnover down 57 pct

Jun 03, 2015 Newsdesk Latest News, Macau, Top of the deck  

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Iao Kun Group Holding Co Ltd – an investor in VIP gambling junkets in Macau and more recently Australia – says its rolling chip turnover in Macau for May fell 57 percent year-on-year to US$680 million, from US$1.59 billion in the year-prior period. Its win rate for May 2015 was 1.86 percent, the Nasdaq-listed firm added.

For the first five months of 2015, Iao Kun’s rolling chip turnover was US$3.38 billion – an average of US$680 million per month – down 58 percent year-over-year. During the same period in 2014, it recorded aggregate roll of US$8.08 billion, an average of US$1.62 billion per month.

The firm didn’t give a commentary on the reasons for the deterioration.

The Macau government on Monday announced that city wide in May, gross gaming revenue – another measure of casino industry performance – for Macau VIP play and mass gambling combined, had fallen by 37 percent year-on-year.

Iao Kun’s business partners promote five high roller facilities in Macau casinos.

On May 15 Iao Kun announced completion of a deal allowing the firm to expand its casino junket operations to Crown Perth Casino and to Crown Melbourne Casino, in Australia.

The firm’s chairman Lam Man Pou said in a statement the aim was to “diversify our sources of revenue”.

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