Iao Kun Group (IKGH) Reports Q2 Loss of $0.65
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Iao Kun Group (NASDAQ: IKGH) reported Q2 EPS of ($0.65), versus ($0.03) reported last year. Revenue for the quarter came in at $10.57 million, versus $21.87 million reported last year.
Rolling Chip Turnover (a metric used by casinos to measure the aggregate amount of players’ bets and overall volume of VIP gaming room business transacted, which is further defined below) for the three months ended June 30, 2016 was $0.9 billion, a decrease of 51%, compared to $1.7 billion for the three months ended June 30, 2015.
Outlook for 2016
For the first eight months of 2016, IKGH’s Rolling Chip Turnover was US$2.41 billion (an average of $0.30 billion per month), down 50% year-over-year, compared to US$4.80 billion (an average of $0.60 billion per month) for the first eight months of 2015.
Given the recent closure of three of its VIP rooms, the Company is now projecting 2016 Rolling Chip Turnover guidance in Macau of between US$2.5 billion and US$3.0 billion.
For earnings history and earnings-related data on Iao Kun Group (IKGH) click here.
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