Macau VIP room gaming promoter Iao Kun Group Holding Co Ltd still plans to complete its Hong Kong dual listing by the end of the third quarter of this year.
Company executives made the announcement during a conference call last week.
The company is already listed on Nasdaq in New York. The dual listing will not involve any share dilution.
Following the announcement, U.S.-based brokerage Sterne Agee advised investors to be “conservative” and assume Iao Kun’s dual listing will be completed by year-end rather than late third quarter of this year, given that several items remain out of the company control.
“Either way, we are encouraged by Iao Kun’s increasing rolling chip turnover results ahead of its dual listing this year, and continue to believe the Hong Kong listing will unlock value for U.S. shareholders by – potentially significantly – broadening its investor base,” analyst David Bain wrote in a note to investors.
Iao Kun’s rolling chip turnover reached US$4.8 billion in the first three months of this year, an increase of 16 percent on year-on-year terms. The company is maintaining its 2014 rolling chip turnover guidance for its five existing VIP rooms of US$17 billion to US$19 billion. Iao Kun operates VIP rooms at StarWorld hotel-casino, Galaxy Macau, Sands Cotai Central, City of Dreams and Le Royal Arc casino.
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Year-on-year decline in overall turnover recorded in 2017 by South Korea’s foreigner-only casinos