GGRAsia – Iao Kun’s VIP chip roll dips 68 pct in November

Iao Kun’s VIP chip roll dips 68 pct in November

Dec 03, 2015 Newsdesk Latest News, Macau, Top of the deck

VIP gambling room investor Iao Kun Group Holding Co Ltd announced that its unaudited rolling chip turnover in Macau for November decreased by 68 percent year-on-year to US$330 million. The win rate for the month of November 2015 was 3.62 percent, the company said in a statement on Wednesday.

Iao Kun’s business partners promote five high-roller facilities in Macau casinos, including at Sands Cotai Central and City of Dreams on Cotai.

The Macau government on Tuesday announced that citywide in November, gross gaming revenue (GGR) for Macau fell by 32.3 percent from the prior-year period. It was the 18th straight month of GGR retreat measured year-on-year and the lowest monthly tally since September 2010.

For the first 11 months of 2015, Iao Kun’s unaudited rolling chip turnover fell 62 percent compared to the year-earlier period to US$6.0 billion. The figure represented a monthly average of US$550 million for the period between January and November, compared to an average of US$1.45 billion per month for the first 11 months of 2014.

In November, Iao Kun said its third quarter net loss narrowed to US$300,000 from US$12.2 million for the same period of 2014. For the three months to September 30, Iao Kun recorded revenue of US$22.4 million, a 57 percent decrease from the same period of 2014, it said.