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Iao Kun Group Holding rolling chip down in August

Junket operator Ian Kun Group Holding Company has announced rolling chip turnover for the month of August was $110 million, down 75 percent year-on-year from $440 million in August 2015.

Win rate for the month was 0.63 percent, said the company in its filing.

For the first eight months of 2016, IKGH's rolling chip turnover was US$2.4 billion, down 50 percent year-on-year.

Last week, IKGH announced it had closed its VIP gaming room at Sands Cotai Central Casino in Macau, effective from the end of August.

In a press release, the company said it was “undertaking a comprehensive strategic review of its VIP gaming room operations in Macau due to the ongoing challenging VIP gaming environment and to enhance its operating performance.”

The company said it is also looking at potentially closing another 1-2 VIP gaming rooms to optimize earnings.

“Given the lack of recovery in the VIP market in Macau and our expectations that this will continue for the foreseeable future, we are currently reviewing our overall operations in Macau in order to ensure their sustainability,” said Lam Man Pou, chairman of IKGH. “We expect to take further prudent actions that we believe will be accretive to our earnings per share and to ensure the preservation of our capital as we continue to seek to generate long-term value for our shareholders.”

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