Iao Kun Group Holding Company Limited announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported total revenues of $17,922,185 against $41,701,232 a year ago. Operating loss attributable to ordinary shareholders before change in fair value of contingent consideration was $3,495,553 against operating income of $4,000,801 a year ago. Net loss attributable to ordinary shareholders was $3,495,553 or $0.06 per basic and diluted share against net income of $17,082,486 or $0.28 per basic and diluted share a year ago. Net cash provided by operating activities was $4,893,000 against $419,000 a year ago. Non-GAAP income (before amortization of intangible assets and change in fair value of contingent consideration) was $576,185 or $0.01 per diluted share against $8,091,479 or $0.13 per diluted share a year ago. The company's revenue decreased primarily due to lower Rolling Chip Turnover during the quarter, as well as reduction of players for VIP baccarat, consistent with the overall decline of gaming revenue in Macau; the economic downturn and ongoing anti-corruption campaign in mainland China, where the majority of IKGH's VIP gaming patrons reside; and the continued tightening of government policies in mainland China, including restrictions on
credit card usage. Net loss was primarily due to a significant decrease in revenues as a result of lower Rolling Chip Turnover and lower win rate, as well as no fair value changes in contingent consideration liability for the King's Gaming, Bao Li Gaming and the Oriental VIP Room acquisitions in the first quarter of 2016.

The company maintained its 2016 Rolling Chip Turnover guidance for its five existing VIP rooms in Macau of between $3.5 billion and $4.5 billion.