Iao Kun’s rolling chip up 5 pct in September

Oct 08, 2014 Newsdesk Latest News, Macau, Top of the deck  

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Nasdaq-listed junket operator Iao Kun Group Holding Co Ltd announced an unaudited rolling chip turnover increase of 5 percent in year-on-year terms for September. The company promotes five VIP rooms in Macau.

Rolling chip turnover – a measure used by casinos to judge the aggregate amount of player bets and overall volume of VIP gaming room business – for the month was US$1.18 billion, the firm said in a statement on Tuesday.

Iao Kun’s win rate for September was 2.84 percent.

The increase in rolling chip turnover was achieved during a period of slowing in the Macau casino sector, especially in the VIP segment. The Macau market as a whole registered year-on-year declines in gross gaming revenue from June 1 to September 30 inclusive.

Casino gross gaming revenue fell 11.7 percent in September, to MOP25.6 billion (US$3.2 billion), the lowest monthly aggregate since November 2012.

Iao Kun’s rolling chip turnover for the first nine months of 2014 was US$13.74 billion, an average of US$1.53 billion per month, and up by 8 percent in year-over-year terms, the firm said.

Nonetheless, Iao Kun’s relatively low volumes of roll and small player base relative to larger junket firms means there tends to be more volatility in the monthly returns than is experienced by the bigger outfits.

The company in August reported a year-on-year 22-percent drop in revenue, to US$49.7 million, for the three months to June 30. The firm said it would pay an interim dividend of US$0.026 per share on October 14.

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