Iao Kun Group Holding Company Limited Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Rolling Chip Turnover Guidance for the Year 2016; Announces Impairment Charges for the Second Quarter Ended June 30, 2016
For the six months, the company reported total revenues of USD 28,500,970 against USD 63,571,015 a year ago. Operating loss attributable to ordinary shareholders before change in fair value of contingent consideration was USD 107,854,413 against USD 20,048,116 a year ago. Net loss attributable to ordinary shareholders was USD 107,854,413 or USD 1.71 per basic and diluted share against USD 6,722,302 or USD 0.11 per basic and diluted share a year ago. Net cash provided by operating activities was USD 1,421,000 against USD 17,402,000 a year ago. Non-GAAP loss (before amortization of intangible assets and change in fair value of contingent consideration) was USD 2,438,527 or USD 0.04 per diluted share against non-GAAP income (before amortization of intangible assets and change in fair value of contingent consideration) of USD 5,889,381 or USD 0.10 per diluted share a year ago.
Given the recent closure of three of its VIP rooms, the company is now projecting 2016 Rolling Chip Turnover guidance in Macau of between USD 2.5 billion and USD 3.0 billion.
The company recognized a one-time USD 97.3 million impairment of intangible assets in the second quarter of 2016, while during the second quarter of 2015, IKGH incurred a one-time USD 17.8 million impairment of goodwill.