Iao Kun third-quarter profit drops 32 percent on higher commissions

Iao Kun Group Holding, formerly Asia Entertainment & Resources, said third-quarter non-GAAP income dropped 32.4 percent to $10.1 million, or $0.16 per diluted share, mainly because of higher commissions. Revenue gained 12.8 percent to $61 million. Commenting on the results, Chairman Mr Man Pou Lam said the Macau VIP market continues to evolve.  “Our VIP room at Le Royal Arc Casino performed well for us in the third quarter and has helped us expand our presence in the Macau VIP gaming market.”