In September, beleaguered Macau junket investor Iao Kun closed three VIP rooms in the special administrative region. Two of the rooms were located on Galaxy Entertainment Group (GEG) properties; one at StarWorld and the other at Galaxy Macau. The same month GEG issued letters to Iao Kun linked promoters Sang Lung Gaming Promotion Company Limited and Sang Heng Gaming Promotion Company Limited asking the two companies to repay lines of credit amounting to HK$312 million (US$38.8 million).
According to a December filing to the Nasdaq Stock Market, at least one of the companies had been summoned before Macaus Court of First Instance to answer a plea by Galaxy to declare the company bankrupt.
At that time, Iao Kun wrote in their stock filin…
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