GGRAsia – Iao Kun’s VIP chip roll decline slows in September

Iao Kun’s VIP chip roll decline slows in September

Oct 07, 2015 Newsdesk Latest News, Macau, Top of the deck

Nasdaq-listed casino junket investor Iao Kun Group Holding Co Ltd said its rolling chip turnover in Macau during September decreased by 66 percent in year-on-year terms, to US$400 million. The win rate for the month of September was 3.98 percent, the company said in a statement on Tuesday.

Last month’s decline was a slight improvement from the 72 percent year-on-year fall posted in August and July. September’s rolling chip turnover however was down 9.1 percent from August.

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

For the first nine months of 2015, Iao Kun’s unaudited rolling chip turnover fell 62 percent compared to the year-earlier period to US$5.2 billion. The figure represented a monthly average of US$580 million for the period between January and September, compared to an average of US$1.53 billion per month for the first nine months of 2014.

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

Iao Kun posted a net loss of US$23.8 million for the second quarter of 2015, compared to a net loss of US$56.7 million for the same period of 2014. Revenue for the period fell by 56 percent year-on-year to US$21.9 million, the firm said in August.

The junket investor last month said it planned to pay a six-month dividend of US$0.014 per share on October 19.