Iao Kun Group clinches deal with Crown Resorts
The deal is being done via an intermediary; an IKG officer named Lou Kan Kuong. Earlier last week, IKG inked a memorandum of understanding in which officer Lou acts as a junket operator at Crown’s Perth and Melbourne properties while IKG gets 100% of his profits. IKG called the purchase price “nominal” and said it hopes to conclude the deal by mid-May.
IKG currently has stakes in five VIP gaming rooms spread across four different Macau casino operators but Macau’s VIP market is in the dumps, IKG chairman Man Pou Lam was therefore justifiably giddy over the firm’s “first step toward expanding our operations and presence internationally and beginning to diversify our sources of revenue.”
With Beijing eyeing Macau like a narc, junket operators are increasingly steering VIPs to other casino jurisdictions. IKG vowed that the Crown deal would not be its last, saying it will seek “additional opportunities to expand our presence overseas.” IKG filed its annual report last week, reporting a loss of $60.1m, largely due to a writedown on three VIP rooms it acquired last year.
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