HONG KONG -- (BUSINESS WIRE) --
Iao Kun Group Holding Company Limited (“IKGH”) (NASDAQ:IKGH), which operates through its subsidiaries and related promoter companies that act as VIP room gaming promoters, today announced that the company has decided that it is in the best interest of all parties concerned to switch to a new sponsor for its listing application in Hong Kong following an internal review of the application process.
The company has issued a notice of termination to the original sponsor and is currently seeking to engage a new sponsor with a more established market recognition and greater experience in such listing applications. The company expects to appoint the new sponsor before the end of November and a further announcement will be issued in due course.
Owing to a recent change in the listing application practice of the Hong Kong Stock Exchange, the company will only be permitted to make a formal application for its Hong Kong dual listing application a minimum of two months after the Hong Kong Stock Exchange is notified of the appointment of the new sponsor. The company remains fully committed to the dual listing exercise despite the unanticipated delay in the timetable and will continue to dedicate the requisite level of resources towards achieving this exercise.
About Iao Kun Group Holding Company Limited
IKGH is a holding company which operates through its subsidiaries and related promoter companies that act as VIP room gaming promoters, and is entitled to receive all of the profits of the VIP gaming promoters from VIP gaming rooms. IKGH’s VIP room gaming promoters currently participate in the promotion of five major luxury VIP gaming facilities in Macau, China, the largest gaming market in the world. One VIP gaming room is located at the top-tier 5-star hotel, the StarWorld Hotel & Casino in downtown Macau, and another is located in the luxury 5-star hotel, the Galaxy Macau™ Resort in Cotai, each of which is operated by Galaxy Casino, S.A. Additional VIP gaming rooms are located at the Sands Cotai Central and City of Dreams Macau, both in Cotai, and Le Royal Arc Casino, located in NAPE, Downtown Macau.
Forward Looking Statements
This press release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of IKGH’s management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements.
CONTACT:
Iao Kun Group Holding Company Limited
James Preissler, 646-450-8808
preissj@aerlf.com
or
ICR
William Schmitt, 203-682-8294
william.schmitt@icrinc.com