Iao Kun Group Holding Co Ltd said its unaudited rolling chip volume for February – generated by VIP gambling operations in Macau casinos – fell by 64 percent year-on-year.
Market wide in Macau, gross gaming revenue – a different measure of the industry’s performance covering both the mass market and the high roller segment – slipped 49 percent in February.
Iao Kun’s VIP rolling chip turnover for the month was US$630 million, compared to US$1.73 billion for the month of February 2014. The company’s baccarat win rate for the month of February 2015 was however above theoretical average, at 4.28 percent, Iao Kun said.
For the first two months of 2015, the group’s rolling chip turnover was US$1.44 billion (an average of US$720 million per month), down 52 percent year-on-year, compared to US$3.02 billion (an average of US$1.51 billion per month) for the first two months of 2014.
Iao Kun promotes five VIP rooms in Macau. In February the Nasdaq-listed company said the Hong Kong Stock Exchange had turned down its request for a dual listing of its shares in Hong Kong, citing factors including the near term industrial outlook in Macau. Market wide, gross gaming revenues have declined for nine months straight when judged year-on-year.
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"Competition is tough in Macau and is also changing. It [the local market] is susceptible to a lot of macro factors”
Daisy Ho Chiu Fung
Chairman of casino operator SJM Holdings Ltd