Iao Kun Group Holding swings to Q4 loss on higher commissions

    Iao Kun Group said it swung to a loss in Q4 as it paid higher commissions, costs rose and it faced greater competition. The net loss was US$5.5 million, or $0.09 a share, compared with a profit of $10.1 million or $0.22 a year earlier. On an adjusted basis, the company has a loss of $3.5 million, or $0.06 a share. Revenue fell 11 percent to $50.2 million. Rolling chip turnover rose 7.3 percent to $4.1 billion. “We had a challenging fourth quarter; however, thus far in 2014, we have seen an improvement in the VIP market in Macau, and we believe we are beginning to turn a corner, as evidenced by our recent Rolling Chip Turnover results,” said IKGH Chairman Man Pou Lam.