Scientific Game

Amax International eyes overseas opportunities as Greek Mythology lockout continues

Thursday, 30 November 2017 05:24
Visit us

Hong Kong-listed gaming investor Amax International Holdings has outlined its plans to expand its interests outside of Macau to open new revenue streams following a protracted legal dispute with the management of its Macau casino, Greek Mythology.

Releasing its financial results for the six months to 30 September 2017 on Wednesday, which saw revenue grow 156.3% year-on-year to HK$10.53 million and net loss fall 23.9% to HK$13.92 million, Amax said it will “keep pace with the market trends and developments and pursue new business opportunities” after seeing positive results from its first external venture in Vanuatu.

Amax reported HK$8.13 million in revenue from its Vanuatu business in the six months to 30 September 2017, comprising the vast majority of group-wide revenue, having acquired a 60% stake in Forenzia Enterprises Limited in 2014. Forenzia operates a gaming business in Vanuatu under an interactive gaming license that is valid for 15 years from February 2014.

Amax also re-iterated its commitment to pursuing an opportunity in Cambodia after it signed a letter of intent with an unspecified Cambodian casino in September to operate 13 VIP gaming tables. In its filing to the Hong Kong Stock Exchange on Wednesday, Amax said, “Envisioning the flourishing of tourism in Cambodia, the company sees it a strategic location to develop and expands its entertainment business in ASEAN and other parts of the world.

“Given the support of the Cambodian government to the local hotel and entertainment industry and the booming of tourism year on year in Cambodia, the board spots a valuable opportunity to tap into the entertainment businesses there especially Cambodia is still one of the smallest economies within ASEAN and less developed counties in Asia when competitors and other investors are still unaware of this golden gem.

“Together with the company’s existing gaming business in Vanuatu, the board believes that the company is gradually building a broad network in the gaming and entertainment business beyond Macau, which will also open up new revenue sources for the company.”

Amax revealed it is also planning to launch a new mobile gaming app in early 2018.

However, its main Macau business remains in limbo with the group still awaiting the result of an application to the Macau court to appoint its Chairman and CEO, Ng Man Sun, as the administrator of Greek Mythology, located inside The Beijing Imperial Palace Hotel, in order to gain access to and control over the casino’s books and records.

As IAG reported in September, Amax is looking to remove a Disclaimer of Opinion issued by its auditors as it continues to pursue Greek Mythology’s former management team in order to access financial records.

Greek Mythology was originally closed in December 2015 under order of the DICJ, however the Macau Government Tourism Office also ordered The Beijing Imperial Palace Hotel to cease operations on 22 July 2016. The hotel’s license was subsequently revoked on 12 January 2017.

Amax, which holds a 24.8% stake in Greek Mythology, said in September that it “has been trying but failed to contact the management of Greek Mythology to understand the current situation of Greek Mythology which led to uncertainty on the development of Greek Mythology.”

The appointment of Mr Ng as administrator would allow the company to retrieve bank statements, liaise with Macau government authorities and ascertain the casino’s financial standing with a view to having the Disclaimer of Opinion removed.


What's new

Saipan politician calls for more casino licenses amid Imperial Pacific woes

Saipan politician calls for more casino licenses amid Imperial Pacific woes A Saipan politician has called for the island’s gaming law to be revised to allow for more casino licenses to be issued amid growing concerns over the future of Imperial Pacific International’s (IPI) Imperial Pacific Resort. Speaking to the Saipan Tribune this week, Rep. Edwin K Propst expresse... Wednesday, 22 August 2018 06:38

Revenue down for Aquis as CEO quits

Revenue down for Aquis as CEO quits Australian-listed casino investor Aquis Entertainment has seen its revenue at boutique Casino Canberra decline 3.6% to AU$12.3 million for the six months to 30 June 2018, but the company says the result are in line with targets. Release of its 1H18 financial results completed an eventful day for Aq... Wednesday, 22 August 2018 06:11

Floor space measurement to be key factor in Japan IR investments

Floor space measurement to be key factor in Japan IR investments Exactly which facilities count towards total casino floor space will be the primary factor in determining the level of investment operators are willing to make in a Japanese IR. So says Global Market Advisors’ Brendan D. Bussmann in a column appearing in the September edition of Inside Asian Gami... Wednesday, 22 August 2018 05:38

Apple removes 25,000 apps from China App Store for gambling links

Apple removes 25,000 apps from China App Store for gambling links Global tech giant Apple has removed up to 25,000 apps said to be related to gambling from its App Store in China following criticism from state-backed broadcaster China Central Television (CCTV). The company’s rapid response involved the removal of apps said to include gambling and lottery featur... Wednesday, 22 August 2018 05:34

Current Issue

OZ VIP: A new dawn

OZ VIP: A new dawn It has taken just 12 months for Australia’s VIP turnover to rebound following the arrests of 19 Crown Resorts employees in China in October 2016, but the balance of power between Australian operators has shifted dramatically in the process. By Ben Blaschke   Just 12 months after the release of... Sunday, 29 July 2018 22:32

Waiting for Garapan

Waiting for Garapan Imperial Pacific says it will miss another deadline for completing its Saipan casino hotel, and there’s no consensus on a completion date. Meanwhile, VIP roll and trade receivable numbers soar. By Muhammad Cohen   Imperial Pacific International continues to excel at manythings. Its monopoly ca... Sunday, 29 July 2018 22:27

License to thrill: How casino re-tendering will shape Macau’s future

License to thrill: How casino re-tendering will shape Macau’s future Professor Glenn McCartney takes a look at the impending Macau casino re-tendering process and why the government’s criteria for issuing licenses will shape the city’s tourism future. By Professor Glenn McCartney   Macau’s casino concession and sub-concession contracts will all end in a few... Sunday, 29 July 2018 22:21

Making live online gaming a reality

Making live online gaming a reality Latency has long been the ultimate challenge for online gaming operators in their quest to provide a quality product, but a new open framework technology could prove to be a game-changer. By Jaheer Abbas | Senior Director, SEA & India at Limelight Networks   It’s hard to imagine that onlin... Sunday, 29 July 2018 22:09