Macau casino junket operator Iao Kun Group Holding Company Limited (IKGH) has narrowed net loss to $23.8m in the second quarter from $56.7m in Q2 2014 and $6.7m for the six months ending in June 30th, from $53.5m over the same period last year.

Iao Kun said that the lower net loss was attributable to the change in contingent consideration related to the acquisitions of King’s Gaming, Bao Li Gaming and Oriental VIP Room; lower administrative expenses for Q2 due to the costs incurred in application to list on the Hong Kong Stock Exchange in 2014; as well as lower commission to junket agents as a result of significantly lower rolling chip turnover.

Rolling Chip Turnover for Q2 was down 63% year-on-year to $1.7b, from $4.7b and 58% decrease in H1 to $3.9b from $9.4b in 2014.

Despite lower net loss, IKGH recorded a revenue of $21.9m for the second quarter, a 56% decrease from the same period of 2014, in line with the overall decline of gaming revenue in Macau.