VIP junket operator Iao Kun Group Holding Company Limited has now suspended service at Casino Le Royal Arc, hoping to save up to $750,000 a year, after announcing last month that it had closed its luxury roller service operating at Sands Cotai Central, StarWorld Casino And Hotel Resort, and Galaxy Macao Casino.
According to a report in the Macau Business Daily newspaper, the latest closure has seen the Nasdaq-listed company, which currently offers VIP services only in City of Dreams Macau, terminate a related public relations cooperation agreement with an individual known as the Lee Wai Man.
Iao Kun Group Holding Company Limited recently reported a 51% year-over-year decline in rolling chip sales to $900 million in the second quarter, significantly less than the $1.7 billion it reported in the three-month period and a net loss of approximately $104.4 million over the period. It declared that the shortage was primarily due to “one-off” damage to $97.3 million in intangible assets, as well as “a recession and ongoing anti-corruption campaign in mainland China, home to the majority of our VIP gaming customers,” and “continued tightening of mainland China government policies, including restrictions on credit card use.”
In addition to reportedly shutting down, Iao Kun Group Holding Company Limited also pulled out of planned purchases of South Korea’s Jeju Sun Hotel and Casino. The deal announced in June saw the Macau-based promoter pay Bloomberg Resorts Corporation about $101 million for a 12,800-square-foot casino featuring 45 slots and 20 game tables in hopes of diversifying its business.
Iao Kun Group Holding Company Limited also explained that it plans to focus on collecting outstanding debt by not actively providing credit to customers due to “longer and difficulty in collecting outstanding marker receivables.”
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