Iao Kun blames weather for 4 percent rolling chip drop in May

    Iao Kun Group Holding, which operates VIP rooms in Macau, said its rolling chip turnover for May fell 4 percent year-over-year to $1.59 billion, primarily because of severe rainstorms that hit the region for ten straight days in the month.
    The win rate was 2.32 percent. For the first five months of 2014, rolling chip turnover was up 12 percent to $8.08 billion, averaging $1.62 billion a month.
    The company’s VIP rooms are primarily focused on high stakes baccarat, which accounts for 88 percent of Macau casino winnings.
    Nasdaq-traded shares in Iao Kun fell more than 2 percent by mid-day trading on Wednesday to $3.10, in the middle of a 52-week range of $2.57 – $4.37.