VIP gambling house investor Iao Kun Group Holding Co Ltd. reported unaudited rolling chip sales in Macau in August, down 72% from a year earlier to $440 million. Its August 2015 win rate, announced on Wednesday, was 4.13%.
Yocoon's business partners promote five high roller facilities in Macau casinos. The company has also begun pilot operations at Crown Perth Casino and Crown Melbourne Casino in Australia, run by Crown Resorts.
Macau's overall gaming revenue (GGR) fell 35.5% year-on-year in August, the Macau government said on Monday. This marked the 15th consecutive month of a year-on-year retreat in the GGR.
Macau's rolling chip sales fell 54% in August, excluding its "Direct VIP" business, according to unofficial industry returns compiled by Deutsche Bank Securities. Direct VIP refers to VIP players who are not brought in by junkets and are managed directly at home.
"August's results have been a setback for the 'less bad' paper, as this month's feature is the continued deterioration of the VIP volume trend and limited positives in the public sector," analysts Carlo Santarelli and Danny Valloy said in a note on Thursday.
Iao Kun's unaudited rolling chip sales fell 62% year-over-year to $4.8 billion in the first eight months of 2015. It averaged $1.57 billion a month in the January-August period, compared with $600 million a month in the January-August period of 2014.
Nasdaq-listed Iao Kun posted a net loss of $23.8 million in the second quarter of 2015, compared with a net loss of $56.7 million in the same period in 2014. Revenue for the period was $21.9 million, down 56% from a year earlier.
The company said it experienced "a downward trend in VIP baccaras consistent with a decline in overall gaming revenue in Macau." 동행복권파워볼
"The company's VIP rooms lost 20% of their customers in the three months to August because some don't have the capital to come and play," Derrick Wong, financial manager at Iao Kun, told Bloomberg News. "They need to wake up and recover now," he added.
