GGRAsia – Iao Kun sees 1H rolling chip turnover halved

Iao Kun sees 1H rolling chip turnover halved

Jul 06, 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 the first half of 2016 was US$2.06 billion: an average of US$340 million per month.

The firm’s rolling chip turnover for the first six months of 2016 was down 47 percent in year-on-year terms, compared to US$3.92 billion in the prior-year period.

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

Iao Kun also stated its rolling chip turnover in Macau for June fell 58 percent year-on-year to US$230 million. Win rate for the month was 3.24 percent, it added.

Iao Kun’s business partners promote five high roller facilities in Macau casinos, namely at: StarWorld; Galaxy Macau; Sands Cotai Central; City of Dreams Macau; and Le Royal Arc.

Preliminary data disclosed by the Macau government over the weekend showed that VIP gross gaming revenue – a different measure of VIP segment performance than that of rolling chip turnover – declined by 17.3 percent in the first half of 2016 in year-on-year terms.

Official figures regarding the market revenue split between VIP and mass-market gambling during the first half of 2016 are due to be issued later this month by the city’s casino regulator, the Gaming Inspection and Coordination Bureau.

Iao Kun announced in late June that it was to acquire the Jeju Sun Hotel and Casino on Jeju Island from Philippines casino operator Bloomberry Resorts Corp. The firm said that the acquisition was the “optimal way” to diversify its business outside of Macau.