VIP exit helps to narrow LiNiu Group loss in 17Q1

LiNiu Technology Group, formerly known as Iao Kun Group Holding Company Ltd., reported a narrowed net loss of $0.4 million for the first quarter of 2017, compared to a loss of $3.5 million in the prior year period.

The narrowing of net loss was primarily due to a significant decrease in commission to junket agents as a result of minimal revenue in the first quarter of 2017, according to a company press release on Wednesday.  

LiuNiu closed four of its VIP rooms in Macau in 2016, and launched an electronic trading platform focused on the Chinese agricultural industry in April 2017.

It currently only runs a VIP gaming operations at the Altira Complex, and noted it is maintaining “minimal operations” in this space.

“The first quarter was marked by the official transformation of the Company toward its new strategy of using technology to create solutions for the vast Chinese agricultural industry,” said Mr. Wang Shun Yang, co-chief executive officer of LiNiu Technology Group