Nasdaq-listed Macau casino junket promoter Iao Kun Group Holding Company Ltd – which on June 26 said it had formally applied for a dual listing in Hong Kong – has announced rolling chip turnover for June up 2 percent year-on-year, at US$1.35 billion.
Union Gaming Research Macau Ltd said in a note on Tuesday that market-wide in Macau, VIP revenue – a different measure for the high roller segment – was down approximately 20 percent in June.
Iao Kun stated on Thursday that for the first six months of 2014, the group’s rolling chip turnover from VIP operations was US$9.43 billion – an average of US$1.57 billion per month – up 10 percent year-on-year, compared to US$8.54 billion for the first six months of 2013.
Since September 1, 2012, all Iao Kun VIP rooms have been on a revenue sharing remuneration model, the company reiterated in its latest results statement.
Iao Kun’s VIP room gaming promoters currently operate in five VIP rooms in Macau.
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”This [gross gaming revenue] target [for Macau operators] ... is probably introduced to improve overall efficiency of table utilisation, as most properties were meaningfully underutilised even pre-Covid”
DS Kim, Amanda Cheng, and Livy Lyu
Analysts at JP Morgan Securities