HONG KONG--(BUSINESS WIRE)--Iao Kun Group Holding Company Limited (“IKGH”) (NASDAQ:IKGH), which operates through its subsidiaries and related promoter entities that act as VIP room gaming promoters and a collaborator, today announced that it has made the following management and Board of Directors changes, effective immediately:
- Vong Hon Kun, formerly the Chief Operating Officer of IKGH, has been promoted to Chief Executive Officer of IKGH, and remains a director of IKGH. Mr. Vong, age 49, has served as COO of IKGH since February 2010 and as COO was responsible for the day-to-day operation of IKGH and developing the VIP gaming patron market in mainland China and junket agent network throughout that country. Mr. Vong has spent over 20 years in the gaming industry and had served as junket agent for various VIP gaming rooms in SJM casinos and Waldo Casino before joining Chairman Lam Man Pou for promoting gaming business in May 2006. He is a member of the Macau Gaming Industry General Association of Administrators and Promoters.
- Lam Chou In, formerly an Operating Officer of IKGH, has been promoted to Chief Operating Officer of IKGH and has been appointed to the Board of Directors. Mr. Lam, age 45, has served as an Operating Officer of IKGH since February 2010 and is also a significant shareholder. As an Operating Officer, Mr. Lam was responsible for client relationships and client development, and for the supervision of IKGH’s agent network. Mr. Lam has over 20 years of experience in the gaming industry and prior to joining IKGH served as a senior manager at various VIP rooms at SJM’s casinos. He is a member of the Macau Gaming Industry General Association of Administrators and Promoters.
- Yip Cheuk Fai has been named the Chief Financial Officer of IKGH and has been appointed to the Board of Directors. Mr. Yip, age 35, was previously the Chief Financial Officer and Secretary of China Huitong Finance Holdings Limited. Prior thereto, Mr. Yip was Project Director/Business Development Director of Power Capital Global Limited; Corporate Controller, China division of Vimecto NV; Finance Manager for Prosperity Minerals Holdings Limited. He previously served as an auditor for Deloitte Touche Tohmatsu and as an Audit Assistant for Moore Stephens CPA, Hong Kong. Mr. Yip graduated from the Hong Kong Polytechnic University with a Bachelor of Arts in Accountancy and is a CPA with the Hong Kong Institute of Certified Public Accountants.
In addition, Kwok Chi Chung has been appointed to IKGH’s Board of Directors as an independent director and will serve on IKGH’s Audit and Nominating Committees. Mr. Kwok, age 60, joined the Macau Judiciary Police in 1985 and was appointed the first Chief Coordinator of its Gaming-related Crimes Division in March 2003, where he was responsible for the prevention and investigation of crimes in Macau casinos. In September 2006, Mr. Kwok became the first Head of the Macau Judiciary Police’s Gaming-related and Economic Crimes Investigation Department where he managed the Gaming-related Crimes Division, Economic Crimes Division and Anti-Money Laundering Division until his retirement in August 2010. In November 2014, he was appointed as an independent director at Jimei International Entertainment Group Ltd, a listed company in Hong Kong (HKG: 1159). Mr. Kwok is also currently the President of the Association of Gaming & Entertainment Promoters of Macau, the President of the Macau General Federation of Security Practitioners and the Vice Chief Supervisor of the Macau Gaming Industry General Association of Administrators and Promoters. Mr. Kwok graduated from Huaqiao University with a Bachelor’s degree in law in 2002 and obtained a Master’s degree in economic law from Huaqiao University in 2006.
The appointments were made due to the resignations of Leong Siak Hung from his position as Chief Executive Officer and a director of IKGH, Raymond Li Chun Ming from his position as Chief Financial Officer and a director of IKGH, and George Chui Vai Hou as a director of IKGH. Mr. Leong will remain as a consultant of IKGH until the end of 2015. Each has resigned for personal and/or medical reasons and not because of any disagreements with IKGH.
“We are pleased to announce the promotions of Vong Hon Kun to the position of Chief Executive Officer and Lam Chou In to the position of Chief Operating Officer,” said IKGH Chairman Lam Man Pou. “Each has been with the Company for a number of years and brings significant experience to his respective position. We are also delighted that Yip Cheuk Fai, who has previous experience with listed companies, has decided to become our Chief Financial Officer and joins a strong internal finance team with two U.S. Certified Public Accountants. In addition, Mr. Kwok Chi Chung, who is well respected in the gaming industry in Macau, is a welcome addition to the Board and we expect he will be a valuable contributor and further enhance our company’s compliance functions. Each of them brings unique talents and experiences to our company and we look forward to working with them.”
“We thank Leong Siak Hung, Li Chun Ming, and Chui Vai Hou for their service to IKGH and wish them well and good health,” added Chairman Lam.
About Iao Kun Group Holding Company Limited
IKGH is a holding company which operates through its subsidiaries and related promotion entities that act as VIP room gaming promoters and a collaborator, 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.
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. The gaming industry is characterized by an element of chance. Theoretical win rates for IKGH’s promotion entities’ VIP gaming room operations depend on a variety of factors, some beyond their control. In addition to the element of chance, theoretical win rates are also affected by other factors, including gaming patrons’ skill and experience, the mix of games played, the financial resources of gaming patrons, the spread of table limits, the volume of bets placed by IKGH’s promotion entities’ gaming patrons and the amount of time gaming patrons spend on gambling — thus VIP gaming rooms’ actual win rates may differ greatly over short time periods, such as from quarter to quarter, and could cause their quarterly results to be volatile. These factors, alone or in combination, have the potential to negatively impact the VIP gaming rooms’ win rates. Investors and potential investors should consult all of the information set forth herein and should also refer to the risk factors set forth in IKGH’s Annual Report on Form 20-F filed in April 2015, and other reports filed or to be filed from time-to-time with the Securities and Exchange Commission.