An increase of 9 percent year-on-year

Iao Kun generates USD 1.53 B in August

2014-09-05
Reading time 55 seg
(Macau).- Junket operator Iao Kun has announced that its rolling chip turnover increased 3 percent year-on-year in August to USD 1.53 B from USD 1.49 B in VIP rooms. Rolling chip turnover is the rate used by casinos to measure the volume of VIP business transacted. At the same time, the win rate in August was 2.5 percent.

As 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.

Leave your comment
Subscribe to our newsletter
Enter your email to receive the latest news
By entering your email address, you agree to Yogonet's Condiciones de uso and Privacy Policies. You understand Yogonet may use your address to send updates and marketing emails. Use the Unsubscribe link in those emails to opt out at any time.
Unsubscribe
EVENTS CALENDAR