GGRAsia – Iao Kun says May rolling chip turnover down 57 pct

Iao Kun says May rolling chip turnover down 57 pct

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

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”.