Galaxy to take legal action against Iao Kun Group for "breach" of agreement
The gaming and hospitality group notes in the release that it would like to ‘put the record straight’ with regard to the recent closure of two VIP rooms operated by the Iao Kun Group on GEG properties, announced by Iao Kun on September 13.
‘GEG has terminated the promoter agreements with Iao Kun and closed Iao Kun VIP Rooms in Galaxy Macau and StarWorld as a result of Iao Kun’s breach of the agreements made with us,’ states Buddy Lam, Assistant Senior Vice President of Public Relations of the group, in the release.
Meanwhile, Iao Kun Group declared that the moves were part of a “comprehensive strategic review” of its operations in Macau and could lead to annual overall cost savings of approximately $4 million.
The firm explained that the examination of its business “remains ongoing” and that it expects to take “additional action to reduce its operating expenses and preserve its capital position in due course”.
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