VIP room gaming promoter Iao Kun Group Holding Limited has announced rolling chip turnover for 16Q1 was $1.2 billion, down 45 percent year-on-year compared to $2.2 billion in 15Q1.
According to the filing, IKGH saw a net loss for the first quarter of 2016 of $3.5 million, compared to a net income of $17.1 million for the same period in 2015.
For the first five months of 2016, IKGH’s rolling chip turnover was US$1.83 billion, down 46 percent year-over-year, compared to $3.38 billion for the first five months of 2015.
The company said a reduction of players for VIP baccarat, the economic downturn, ongoing anti-corruption campaign, and the continued tightening of government policies in mainland China, including restrictions on credit card usage were the main contributors to the deterioration of earnings in the quarter.
“The first quarter of 2016 continued to see a challenging environment both globally and with respect to the VIP market in Macau, and as a result, we continue to prudently manage our capital,” said Lam Man Pou, chairman of IKGH. “While we remain positioned to benefit from any turnaround in the VIP market, we continue to seek additional opportunities in overseas markets to further diversify our revenue streams. We remain committed to expanding our overall presence and generating long-term value for our shareholders.”