Iao Kun Group (IKGH) Closes VIP Gaming Rooms in Galaxy Macau and StarWorld
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Iao Kun Group Holding Company Limited (Nasdaq: IKGH) announced that as part of its comprehensive strategic review of its VIP gaming room operations in Macau, it has closed its VIP gaming rooms at the Galaxy Macau and StarWorld, effective September 10, and terminated its agreements with Sang Heng and Sang Lung Gaming Promotion Ltd. relating to those facilities.
IKGH believes the closure of both facilities will generate total annual savings of approximately US$4.0 million. The strategic review of IKGH’s operations in Macau remains ongoing, and IKGH anticipates taking additional action to reduce its operating expenses and preserve its capital position in due course.
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