Iao Kun Group Oct. volume falls victim to market slump

Iao Kun Group Holding, which operates Macau VIP rooms, has fallen victim to the downturn in gambling revenue in the territory, reporting rolling chip turnover dropped 27 percent year-on-year in October.
The turnover was $1.1 billion, down from $1.51 billion in the same month last year. The win rate was 3.9 percent.
For the first ten months of 2014, IKGH’s Rolling Chip Turnover was $14.84 billion, up 5 percent year on year.
Gross gambling revenue has slumped for five months in a row in Macau, with October showing the biggest drop on record, declining 23.2 percent. VIP revenue has been hurt by a clampdown on corruption and a slowing economy in mainland China, while mass market traffic has also slowed.
Until Oct., Iao Kun had bucked the downward trend, reporting a 5 percent gain in September and a 3 percent rise in August.