• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Macau court declares Iao Kun business partner bankrupt

Mar 24, 2017 Newsdesk Latest News, Macau, Top of the deck  


Macau court declares Iao Kun business partner bankrupt

Macau’s Court of First Instance has declared the bankruptcy of VIP promoter Sang Lung Gaming Promotion Co Ltd, a company linked to VIP gambling investor Iao Kun Group Holding Co Ltd. The decision follows a request for bankruptcy made last year by Galaxy Casino Co Ltd – a subsidiary of Macau casino operator Galaxy Entertainment Group Ltd.

The court additionally said that Sang Lung creditors should make their claims within 45 days following the publication – on March 22 – of the court’s decision in Macau’s Official Gazette.

The court had in December summoned another company linked to Iao Kun – Sang Heng Gaming Promotion Co Ltd – to respond to a request for bankruptcy made by Galaxy Casino Co. No decision from the court has been made public so far regarding Sang Heng.

On September 15, Galaxy Entertainment said it had terminated agreements with Iao Kun for what the casino group alleged was a breach of contract by the VIP gambling sector investor.

The contract concerned two VIP rooms at, respectively, Galaxy Entertainment’s venues Galaxy Macau, on Cotai, and StarWorld Hotel on the Macau peninsula. Iao Kun had operated the rooms via its business partners.

The bankruptcy application against the two VIP promoters relates to a letter from the subsidiary of Galaxy Entertainment. According to information previously disclosed by Iao Kun, Galaxy Entertainment’s unit stated that the two VIP promoters had “defaulted” on obligations to repay lines of credit amounting to HKD312 million (US$40.2 million).

Nasdaq-listed Iao Kun said in a filing in December that the lines of credit for Sang Heng and Sang Lung were guaranteed by the group’s chairman, Lam Man Pou, and its chief executive, Vong Hon Kun.

Earlier this month, Iao Kun announced the resignation of Mr Lam and Mr Vong from their respective positions. Both are leaving the board but will remain with the firm. Mr Lam will serve as chief marketing officer, while Mr Vong becomes chief operating officer.

The changes to management and the company board were announced after Iao Kun said it had completed the acquisition of a software technology development company, as the junket investor tries to shift the company’s overall strategy away from gaming.

Iao Kun has since September shut down four of its five promoted Macau VIP rooms. The junket group now only promotes a single VIP room in Macau, located at City of Dreams Macau, a property run by casino operator Melco Crown Entertainment Ltd.


  • tweet
Related articles
  • Wynn Macau Ltd profit doubles, peninsula revamp soon
    Wynn Macau Ltd profit doubles,...

    Apr 25, 2018  

  • SJM to introduce clean-energy bus service in May
    SJM to introduce clean-energy bus...

    Apr 20, 2018  

More news
  • Wolstenholme named COO at Vietnam’s Hoi An project
    Wolstenholme named COO at Vietnam’s...

    Apr 26, 2018  

  • Asia Pioneer parent expecting 1Q loss
    Asia Pioneer parent expecting 1Q loss

    Apr 26, 2018  


Latest News

Wolstenholme named COO at Vietnam’s Hoi An project

Wolstenholme named COO at Vietnam’s Hoi An project

Apr 26, 2018  

Hoi An South Development Ltd has appointed Steve Wolstenholme (pictured in a file photo) as group chief operating officer (COO) for its Hoiana project, a US$4-billion casino resort located 30...
Read More
Asia Pioneer parent expecting 1Q loss

Asia Pioneer parent expecting 1Q loss

Apr 26, 2018  

U.S. operator Century Casinos dips toe in Vietnam

U.S. operator Century Casinos dips toe in Vietnam

Apr 26, 2018  

Slideshow

Macau casinos celebrate Chinese New Year

Interviews

  • BMM prepped for Macau EGM regulation update: White
    BMM prepped for Macau EGM regulation update: White

    Jan 04, 2018  

    BMM Testlabs “ticks all the boxes” with regard to its...
  • Japan, Cambodia, Vietnam casino biz to watch: Klebanow
    Japan, Cambodia, Vietnam casino biz to watch: Klebanow

    Dec 08, 2017  

    The regulated casino industry is well versed in dealing...
  • Cloud services, e-Sports highlights of MGS 2017: Chun
    Cloud services, e-Sports highlights of MGS 2017: Chun

    Oct 23, 2017  

    The presence of some of the leading cloud computing...
  • Crunch time for Tokyo casino option: Caesars exec
    Crunch time for Tokyo casino option: Caesars exec

    Jul 11, 2017  

    The Tokyo local election setback for Japan’s governing...
  • Suncity bets on Vietnam, resurgent Macau VIP: Andrew Lo
    Suncity bets on Vietnam, resurgent Macau VIP: Andrew Lo

    Jul 06, 2017  

    A multibillion U.S. dollar casino project on Vietnam’s...

Pick of the Day


US$1.46 billion

Las Vegas Sands’ net income for the first quarter of 2018



Most Popular

  • Macau regulator approves Lucky 6 side bet for baccaratMacau regulator approves Lucky 6 side bet for baccarat April 25, 2018
  • Wynn Macau Ltd profit doubles, peninsula revamp soonWynn Macau Ltd profit doubles, peninsula revamp soon April 25, 2018
  • Macau Legend plans min US$300-mln further Laos inputMacau Legend plans min US$300-mln further Laos input April 24, 2018

Copyright 2017 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us