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Melancholy Mythology

Amax International expecting HK$900 mln in losses from Greek Mythology for 2017 financial year

Casino services company Amax International continues to be dragged down by its association with the Greek Mythology complex, whose doors were closed by the Macau Government Tourism Office (MGTO) less than a year ago, in July of 2016.
According to a recent filing with the Hong Kong Stock Exchange, the group expects to record ‘an obvious increase in loss’ for the group’s financial year, ended March 31, when compared with the previous financial year, when a loss of HK$43.1 million was recorded.
The group notes that this is mainly due to the ‘provision for impairment loss on amount due from an associate of the company, namely Greek Mythology (Macau) Entertainment Group Corporation Limited’. The amount in question is HK$63.6 million.
In addition to this, the impairment loss on fair value of Greek Mythology amounting to HK$837.6 million is singled out, although together with a HK$39.6 million impairment loss on the group’s gaming license in the South Pacific island of Vanuatu, given that the provisions are ‘non-cash in nature’ they ‘do not have any impact on the cash flow of the group.
The group will publish its full annual results for its 2017 financial year ‘before the end of June,’ it points out in the filing.