GGRAsia – Iao Kun VIP chip roll dips 57 pct in October

Iao Kun VIP chip roll dips 57 pct in October

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

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.