Ticker symbol is LINU
Macau junket operator Iao Kun Group Holding Company Ltd. has officially changed its name to LiNiu Technology. The change was effective April 28. According to an announcement by the company, its ticker symbol on the Nasdaq Stock Market has also been changed to LINU from IKGH.
The move is part of the company’s shift away from the VIP gaming sector, reported Macau Business. In March, it completed the acquisition of 51 percent of software technology development group Guangzhou LiNiu Network Technology Co. Ltd., which was developing an electronic trading platform for the Chinese agriculture industry called the LiNiu Network.
“Since its launch, the site has seen traffic of over 50,000 visitors on a daily basis, with more than 130,000 users and more than 20,000 suppliers registered, and over 80,000 products currently sold through the platform,” the company reported.
“We want to thank shareholders for approving our name change,” said co-CEO Wang Shun Yang. He said it “better conveys what we are trying to accomplish as well as our strategic outlook over the long term.”
The company runs just one VIP room at City of Dreams, a property of Melco Crown Entertainment Ltd. It once operated VIP rooms at Sands Cotai Central, Galaxy Macau, StarWorld and L’Arc Macau. Those rooms closed last year.
In December 2016, Galaxy Entertainment Group pressed two VIP promoters linked to Iao Kun, Sang Lung Gaming Promotion Ltd. and Sang Heng Gaming Promotion Company Ltd., to repay lines of credit totaling HK$312 million (US$38.8 million). Last month Sang Lung was declared bankrupt by Macau’s Court of First Instance.
