Iao Kun Group Holding seeks new sponsor for HK listing

Iao Kun Group, which owns VIP room gambling promoters, said it is looking for a new sponsor for its planned application for a listing on the Hong Kong Stock Exchange. It said the decision to terminate its previous sponsor was “in the best interest of all parties.” It says it’s now seeking a sponsor with more established market recognition and greater experience in such listings. The company also said turnover reached US$1.51 billion last month, up from US$1.47 billion a year ago. However, over the first 10 months, revenues fell 9 percent.