Acquisition of Jeju Sun also lapses
Macau junket operator Iao Kun Group closes fourth VIP room
2016-10-06
Reading time 40 seg
Iao Kun Group Holding Company Limited (IKGH) has announced that as part of its comprehensive strategic review of its VIP gaming room operations in Macau, it has closed its VIP gaming room at Le Royal Arc Casino, and terminated its collaborator agreement with Mr. Lee Wai Man relating to the facility.
IKGH believes the closure of the facility will generate additional annual overall savings of approximately US$750,000.
In addition, IKGH announced that the purchase agreement for the proposed acquisition of Jeju Sun Hotel & Casino has lapsed.
According to a statement released by the company, IKGH has been focusing its efforts in this month on the collection of its outstanding markers receivable and expects to continue those efforts in the near-term to pay down its line of credit owed to the license operators.
Consequently, and because of the lengthening and difficulty of collecting markers receivable, the Company will not be actively extending credit to its clients during this period and therefore it expects business volume to be minimal.
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