Iao Kun rolling chip turnover drops 10 percent, cuts guidance

Iao Kun Group Holding (IKGH) reported unaudited rolling chip turnover fell 10 percent in September from the same month last year to $1.12 billion because of an “abnormally” high win rate of 4.24 percent. The company said it’s cutting its 2013 rolling chip turnover guidance to a range of US $16.5 billion to US $18 billion from its previous guidance of US $19 billion, and is lowering its 2013 Non-GAAP income guidance to US$46 million to US $52 million from its prior range of US $60 million to US $75 million.