VIP gambling house investor Iao Kun Group Holding Co Ltd reported unaudited rolling chip sales in Macau in August, down 72% year-on-year to $440 million. The winning rate for August 2015 was 4.13 percent, the company said Wednesday.
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Macau's total gaming revenue (GGR) across the city fell 35.5% year-on-year in August, the Macau government said on Monday. This is a measure of the GGR retreat for the 15th consecutive month compared to the previous year. 바다이야기
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 directly managed by the house, not brought in by a junket.
"The August results served as a setback for the 'less bad' paper, as the continued deterioration of VIP volume trends and limited positives within the mass sector characterized the month," analysts Carlo Santarelli and Danny Valoy said in a note on Thursday.
In the first eight months of 2015, Iao Kun's unaudited rolling chip sales fell 62% Y/Y to $4.8 billion. The figure averaged $1.57 billion per month in the January-August period, compared with $600 million per 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 to a net loss of $56.7 million in the same period in 2014. Revenue for the period was $21.9 million, down 56% year-over-year.
The company said it experienced a "declining trend in VIP Baccarat, consistent with Macau's overall decline in gaming revenue."
"The company's VIP rooms have lost 20% of its customers in the three months to August because some don't have the capital to come and play," Derrick Wong, Iao Kun's financial manager, told Bloomberg News. "They now need to get their breath together and recover," he added.