Junket investor Yokun still chasing Hong Kong listing

Macau VIP room promoter Iao Kun Group Holding Co Ltd is reducing its financial dependence on two founding executives in order to pursue a dual listing in Hong Kong..

Lam Man Pou, a veteran of Macau's junket room operations since Stanley Ho Hong-sun's casino monopoly before 2002, and Bong Hon-kun, an executive of the company, terminated the loan agreement, which was first signed in February 2010. Iokun said so in a press release.

"The parties agreed to terminate their guarantee obligations and minimize their reliance on lenders complying with Hong Kong's listing criteria, citing the company's financial independence," the company said.

Iokun has been pushing for a double listing for over a year. The Hong Kong exercise is expected to be a so-called 'list by introduction'.

This is the same method used by NASDAQ-listed Macau casino developer Melco Crown Entertainment when it made a double listing in Hong Kong in December 2011. 
In the process, companies that have issued shares on other exchanges may, under local regulatory approval, list their shares in Hong Kong without raising new funds or issuing new shares.

Asia Entertainment & Resources Ltd (formerly known as Iao Kun) held its first public offering on August 15, 2008 on NASDAQ at a price of $6.00 per share. At the close of business on Wednesday, New York time, IOKOON was trading at $3.13 per share. 바카라사이트

Iao Kun is eligible for all revenue from VIP game PR in 5 Macau VIP Rooms.