A reshuffle of executives at Iao Kun Group Holding Co Ltd. (IKGH) is under way as the Macau casino junket investor completes the acquisition of a Chinese technology company.
Lam Man Pou stepped down from his position as chairman and director of IKGH’s board of directors on Wednesday, but will remain and chief marketing officer of IKGH, effective immediately. Vong Hon Kun also resigned from his CEO and board director position, but will stay on with the company as its chief operating officer.
The changes to the management and the company board came following IKGH’s announcement that it has finalized the acquisition of 51 percent of software technology development company Jia-Heng Industrial Ltd, which is the holding company of Guangzhou LiNiu Network Technology Co. Ltd.
LiNiu Network is a software technology development company that is currently developing an electronic business-to-consumer trading platform focused on the Chinese agricultural industry, according to IKGH.
IKGH chief operating officer Lam Chou In has been promoted to take the position of co-CEO at the junket investor group. He will share the chief executive position with LiNiu Network founder Wang Shun Yang. Wang, who was also appointed a director of the board, will be responsible for Iao Kun’s technology industry development while Lam will focus on the group’s Macau gaming business
The group also named Fong Weng Nam as the new chairman of the board of directors. Iao Kun described Fong as an entrepreneur with more than 20 years of experience in investment, real estate development and Macau’s gaming business.
Acquiring LiNiu Network is part of Iao Kun’s plans to diversify its non-gaming assets as the group attempts to staunch the financial bleeding as a result of bad VIP debts. Shifting its strategy from the junket to technological industry may provide additional support to the company that has been crippled by financial tailspin.
The company has already shut down four of its promoted VIP rooms in Macau, leaving behind a single VIP room at City of Dreams Macau. The junket group assured that it will not completely exit the junket sector, although it has “no further plans to expand” its gaming operations to additional VIP rooms.