Gaming | Iao Kun enters into MoU for junket operation in Australian casinos

Crown Towers

Iao Kun Group Holding Company Limited (IKGH) yesterday announced that it has entered into a non-binding memorandum of understanding to acquire all of the profit interests of Mr Lou Kan Kuong (the “Seller”) for acting as a junket operator for the Crown Perth Casino, and the Crown Melbourne Casino a company filing said.
The Seller, who is currently an officer of IKGH, recently entered into agreements to act as a junket operator for the casinos on behalf of IKGH. IKGH expects to close the transaction by mid-May 2015 and to begin generating initial revenues under this agreement shortly thereafter.
IKGH is purchasing the interests for nominal value.
“We are excited to take this first step toward expanding our operations and presence internationally, and beginning to diversify our sources of revenue,” said IKGH Chairman Man Pou Lam.
“We are pleased to have the opportunity to establish ourselves in Australia and work with both the Crown Perth Casino and Crown Melbourne Casino to bring our VIP clients to their first-class facilities. Further, we remain committed to finding additional opportunities to expand our presence overseas and ultimately generating long-term value for our shareholders.”
IKGH is a holding company that operates through its subsidiaries and related promotional entities, which act as VIP room gaming promoters, as well as through a collaborator. The company is entitled to receive all of the profits made by VIP gaming promoters and the collaborator from VIP gaming rooms. IKGH’s VIP room gaming promoters and the collaborator are currently participating in the promotion of five major luxury VIP gaming facilities in Macau.