Iao Kun Group expands Australia operations

Iao Kun Group Holdings, which operates through its subsidiaries as VIP room gaming promoter, announced it has entered into a non-binding memorandum of understanding to acquire all of the profit interests of Lou Kan Kuong  who will act as a junket operator for both Crown Perth Casino and Crown Melbourne Casino.

In an announcement, Iao Kun said Kuong is currently an officer of IKGH and recently entered into agreements to act as a junket operator for the casinos on behalf of the company.  IKGH expects to close the transaction by mid-May 2015 and to begin generating initial revenues under this agreement shortly thereafter.

"We are excited to take this first step toward expanding our operations and presence internationally and beginning to diversify our sources of revenue," said IKGH Chairman Lam.

 "We are pleased to have the opportunity to establish ourselves in Australia and work with both the Crown Perth Casino and Crown Melbourne Casino to bring our VIP clients to their first-class facilities. Further, we remain committed to finding additional opportunities to expand our presence overseas and ultimately generating long-term value for our shareholders."

 

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