s for the first eight months of the year, the rolling chip turnover was US$12.56 billion, while in 2013 it was US$11.53 billion. This means an increase of 9 percent year-on-year.
However, the announcement was made following second quarter results when Iao Kun Holdings revenue dropped 22 percent to US$49.7 million. During the same period, the Macau-based game promoter posted a net loss of US$56.7 million.
“Our performance in the second quarter of 2014 was clearly affected by the low win rate. However, we remain committed to expanding our business presence in the Macau VIP gaming market and increasing our market share while prudently managing our capital to create long-term value for our shareholders”, Jim Preissler, director of Iao Kun, explained during a conference call about the first half of 2014.
The company’s VIP rooms are primarily focused on high stakes baccarat, which accounts for approximately 88 percent of total Macau casino winnings. Iao Kun’s VIP gaming rooms are located in StarWorld Hotel, Galaxy Macau, Sands Cotai Central, City of Dreams and Le Royal Arc Casino.