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Amax International eyes overseas opportunities as Greek Mythology lockout continues

Thursday, 30 November 2017 05:24
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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.

 

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