Amax’s interim loss slightly expands

Casino investor Amax International Holdings saw its net loss expand slightly by 3.4 per cent for the six months ended September 30, amounting to HK$18.3 million (US$2.28 million) according to its filing with the Hong Kong Stock Exchange on Monday after trading hours.
For the period, the company generated HK$4.11 million in revenue, up 3.8 per cent from HK$3.99 million one year ago.
Of the total, the company’s gaming business in Vanuatu, which commenced operations in July this year, contributed HK$1.71 million as at the end of September, the filing said.
Amax, chaired by local businessman Ng Man Sun, holds 24.8 per cent equity interest in Greek Mythology (Macau) Entertainment Group Corporation Ltd., which ran the casino inside the Beijing Imperial Palace Hotel in Taipa; the casino ceased operations at the beginning of this year for renovation purposes.
In fact, the company has claimed that it had failed to obtain financial results from Greek Mythology since 2012, saying in the Monday filing that it had issued ‘demand letters to Greek Mythology requesting repayment of the outstanding amount due from Greek Mythology’.
The filing, however, did not provide any updates on when the casino would reopen nor that about the hotel property housing the casino – which was closed by Macao Government Tourism Office in July for at least six months due to serious administrative irregularities.
Meanwhile, the company expressed its confidence in its gaming business in Vanuatu.
‘With the number of visitors to Vanuatu on the rise and in view of its supportive demographics, the Board is confident in the long-term success of the gaming business,’ it wrote.
‘The Group anticipates continuous robust revenue contribution from and earnings growth for the business operation in Vanuatu in the coming years,’ it added, claiming a major focus of the company would be on the business segment in the future.