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Iao Kun Group Holding Company Limited (IKGH)


NasdaqCM - NasdaqCM Real Time Price. Currency in USD
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0.235-0.00 (-0.84%)
At close: 4:00PM EDT
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  • Is it time to make a move on IKGH? Im not sure about you guys but awesomestoc-ks has provided me with some pretty good trade ideas. I messed up executing some of them but thats on me.
  • THE NAIL IN THE COFFIN!!!
    ---IKGH management is so desperate to keep their jobs and extract the remaining cash - that they go from running casino's to chinese agriculture????
    Wow- This management team absolutely destroyed shareholder value with ill timed buybacks, horrid acquisitions and sweet heart deals to buddies. $$$HUNDREDS OF MILLIONS GONE!!!
    And now they pull a stunt like this??? My condolences to the long term shareholders, all of whom I warned for years.
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  • ***MANAGEMENTS DESTRUCTION OF SHAREHOLDER EQUITY COMPLETE!!!

    -The spent more then this entire company is worth on these foolish acquisitions- Now it's come full circle, as they are just closing them down. Shareholders were looted for everything in "friendly payouts" with outrageous bonus compensation to Kings Gaming.

    This was no shock to many of us, but I still think the biggest shock is that it took this long for people to figure it out!


    HONG KONG--(BUSINESS WIRE)-- Iao Kun Group Holding Company Limited ("IKGH") (NASDAQ:IKGH), which operates through its subsidiaries and related promotion entities that act as VIP room gaming promoters and a collaborator, today announced that it is undertaking a comprehensive strategic review of its VIP gaming room operations in Macau due to the ongoing challenging VIP gaming environment and to enhance its operating performance.

    As an initial cost-cutting measure, IKGH has closed its VIP gaming room at the Sands Cotai Central Casino in Macau, effective August 31, and terminated its agreement with King's Gaming Promotion Ltd. relating to that facility, as the current Rolling Chip Turnover volume does not warrant the operation of five VIP gaming rooms. IKGH believes the closure of the facility will generate annual overall savings of approximately US$750,000.

    In addition, upon the completion of its strategic review, IKGH may further close an additional 1-2 VIP gaming rooms in order to further optimize its operating earnings. IKGH will provide details with respect to any additional expense reductions in due course.

    "Given the lack of recovery in the VIP market in Macau and our expectations that this will continue for the foreseeable future, we are currently reviewing our overall operations in Macau in order to ensure their sustainability," said Mr. Lam Man Pou, Chairman of IKGH. "We expect to take further prudent actions that we believe will be accretive to our earnings per share and to ensure the preservation of our capital as we continue to seek to generate long-term value for our shareholders."
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