Iao Kun June chip volume up 2 percent; HKSE listing moves ahead

    Iao Kun Group Holding, which owns VIP room gaming promoters in Macau, said its June rolling chip volume edged ahead 2 percent to $1.35 billion.
    The win rate for the month was 2.29 percent.
    For the first six months of 2014, IKGH’s rolling chip turnover was $9.43 billion, up 10 percent on the same period a year ago. The company’s VIP rooms are primarily focused on high stakes baccarat, which accounts for approximately 88 percent of total Macau casino winnings.
    Total gross gambling revenue for Macau in June fell 3.7 percent to 27.2 billion MOP ($3.4 billion), its worst performance in five years, hurt in part by the distraction from the FIFA World Cup in Brazil.
    Analysts estimate mass revenue growth continued to be strong, up about 30 percent, while VIP revenue was likely to have been down between 15 and 20 percent. Most analysts expect GGR to pick up again in the third quarter, though question marks remain over the VIP sector.
    In a separate note, Nasdaq-listed Iao Kun said the Hong Kong Stock Exchange has agreed to move to the next stage in the vetting of its application to list its shares on the local exchange. The HKSE has completed its initial three-day review of Form A1 and will now move onto detailed review of the request. Iao Kun stock was little changed in Nasdaq trading. It has moved in a 52-week range of $2.57 – $4.37.