GGRAsia – Iao Kun to pay interim dividend in October

Iao Kun to pay interim dividend in October

Sep 23, 2014 Newsdesk Latest News, Macau, Top of the deck

Macau casino junket promoter Iao Kun Group Holding Co Ltd says it will pay an interim dividend of US$0.026 per share on October 14. The record date for the 2014 six-month dividend will be October 3, the company said in a statement on Monday.

Nasdaq-listed Iao Kun said last month that the board of directors had approved a regular dividend each year after the release of the company’s financial results for the six months ending June 30. The interim divided this year was reduced from US$0.08 per share paid a year earlier.

The company promotes five VIP rooms in Macau.

Iao Kun recently reported a year-on-year 22-percent drop in revenue, to US$49.7 million, for the three months to June 30. The company said the decrease was due to a win rate of 2.18 percent for the period, below the expected range of 2.7 percent to 3.0 percent.

Since then the win rate has improved. Iao Kun’s win rate for August was 2.50 percent.

Total rolling chip turnover – a metric used by casinos to measure the aggregate amount of player bets and overall volume of VIP gaming room business – for August was US$1.53 billion, the firm said in a statement earlier this month.