Macau-based VIP room gaming promoter Iao Kun Group Holding is to start providing VIP players to the Crown Perth Casino in Perth, Australia and for the Crown Melbourne Casino in Melbourne, Australia.
The junket group has entered into a non-binding memorandum of understanding whereby it will acquire all of the profit interests of Lou Kan Kuong for acting as a junket operator.
Mr. Kuong, 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.
“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 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 operates VIP gaming rooms at the top-tier 5-star hotel, the StarWorld Hotel & Casino in downtown Macau, at Galaxy Macau Resort in Cotai, Sands Cotai Central, City of Dreams and Le Royal Arc Casino, located in NAPE, Downtown Macau.