Macau junket investor Iao Kun Group Holding Company says it will no longer look to expand its VIP gaming portfolio, instead focusing on investments outside the gaming sector.
“Over the last few months, we have conducted an extensive review of our operations and our business strategy in order to right-size IKGH and find a path where we believe we can create long-term value for our shareholders,” said Mr. Lam Man Pou, chairman of IKGH.
“After recently completing the review, we concluded that we did not see a path forward toward rebuilding our VIP gaming portfolio. While we will continue to participate in the promotion of our VIP gaming room in Macau, we have no further plans to expand our gaming operations to additional VIP rooms.”
Mr. Lam’s made his comments in a filing on Tuesday which announced the company’s acquisition of a majority interest in Guangzhou LiNiu Network Technology Co. Ltd., a software technology development company that is currently developing an electronic B2C trading platform focused on the Chinese agricultural industry.
“After appropriate due diligence, we made the determination to acquire a majority interest in LiNiu Network and will be focusing our near to mid-term efforts on successfully launching its trading platform and rapidly scaling the business,” said the chairman.