Iao Kun Group rolling chip turnover down 36 percent in April

Saturday 7th of May 2016

Macau junket investor Iao Kun Group said rolling chip turnover plunged 36 percent year on year in April.

The junket operator reported rolling chip turnover at US$320 million last month, compared to US$500 million in April 2015.

Rolling chip turnover for the first four months of 2016 was US$1.52 billion, down 44 percent year on year compared to the same period in 2015.

IKGH currently runs five VIP rooms in Macau, as well as gaming businesses in Crown Perth and Crown Melbourne.

In March, IKGH announced rolling chip turnover for the year ended Dec. 31, 2015 fell 61 percent, to US$6.4 billion, compared to $16.6 billion in 2014.

IKGH chairman, Lam Man Pou at the time said the difficulties faced in 2015 will likely continue into 2016, but will look to opportunities overseas.

“With a difficult 2015 behind us and with the expectation that 2016 will also be a challenging year for VIP gaming in Macau, we continue to prudently manage our capital to ensure we will be appropriately positioned when the market turns around,” said Lam.

“At the same time, we continue to source additional VIP opportunities in overseas markets to allow us to further diversify our revenue streams. We remain committed to finding suitable opportunities to expand our presence and ultimately generating long-term value for our shareholders.”

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