GGRAsia – Iao Kun says rolling chip turnover halved in May

Iao Kun says rolling chip turnover halved in May

Jun 07, 2016 Newsdesk Latest News, Macau, Top of the deck

Iao Kun Group Holding Co Ltd – an investor in VIP gambling junkets in Macau and Australia – says its rolling chip turnover in Macau for May fell 53 percent year-on-year to US$320 million, from US$680 million in the year-prior period.

Its win rate for May 2016 was 0.99 percent, the Nasdaq-listed firm added.

For the first five months of 2016, Iao Kun’s rolling chip turnover was US$1.83 billion – an average of US$370 million per month – down 46 percent year-on-year. During the same period in 2015, the firm recorded aggregate roll of US$3.38 billion, an average of US$680 million per month.

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

The Macau government last week announced that city wide in May, gross gaming revenue for Macau VIP play and mass gambling combined had fallen by 9.6 percent year-on-year.

Iao Kun’s business partners promote five high roller facilities in Macau casinos. In May 2015, 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 junket investor recorded rolling chip turnover of US$6.4 billion for full-year 2015, a decrease of 61 percent in year-on-year terms. Net income for 2015 – including gains from changes in fair value – was US$5.1 million, compared to a net loss of US$60.1 million in 2014, the firm reported in March.