Iao Kun VIP chip roll dips 57 pct in October

Nov 04, 2015 Newsdesk Latest News, Macau, Top of the deck, World  

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VIP gambling room investor Iao Kun Group Holding Co Ltd announced that its unaudited rolling chip turnover in Macau for October decreased 57 percent year-on-year to US$470 million, compared to US$1.1 billion in the prior-year period.

The win rate for the month of October was 3.21 percent, the company said in a statement on Tuesday.

Iao Kun’s business partners promote five high-roller facilities in Macau casinos. The firm has also operations at Crown Perth Casino and at Crown Melbourne Casino, in Australia; two venues operated by Crown Resorts Ltd.

The Macau government on Sunday announced that in October, Macau gross gaming revenue (GGR) fell by 28.4 percent from a year earlier. It was the 17th straight month of citywide GGR retreat measured year-on-year.

For the first 10 months of 2015, Iao Kun’s rolling chip turnover fell 62 percent compared to the year-earlier period, to US$5.67 billion. The figure represented a monthly average of US$570 million for the period between January and October, compared to an average of US$1.49 billion per month for the first 10 months of 2014.

The junket investor in August adjusted its guidance on 2015 rolling chip turnover to between US$6.0 billion and US$7.0 billion, from a previous range of US$7.0 billion to US$8.5 billion.

Nasdaq-listed Iao Kun paid a six-month dividend of US$0.014 per share on October 19.

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