Macau junket investor Amax Holdings Ltd has swung back to profitability in the financial year ended March 31. The company posted a net profit of HK$65.4 million (US$8.4 million), which it said was primarily attributable to the HK$102 million disposal of Ace High Group Ltd.
Amax had posted a net loss of approximately HK$39.40 million in the previous 12 months.
The company’s selling and distribution expenses were down 40 percent year-on-year to HK$1.10 million in the year ended March 31. General and administrative expenses went up 9 percent to HK$37.5 million.
The company adds however that current results do not reflect the actual performance of Greek Mythology (Macau) Entertainment Group Corp Ltd, an associate that operates the Greek Mythology Casino, a gaming venue inside the Imperial Palace Hotel, former New Century Hotel, in Taipa.
A fortnight ago, Amax told the Hong Kong Stock Exchange it had filed litigation against Greek Mythology associate in a Macau court, in relation to the latter’s alleged failure to provide annual accounts to Amax shareholders.
“During the year under review, the financial information of Greek Mythology was unavailable,” the company said in the latest filing, adding that it expects such information “to have significant impact” on the annual results.
Greek Mythology currently has approximately 20 VIP gaming rooms and a gaming floor targeting mid- to high-end market customers from mainland China.
Jan 19, 2018Australian slot machine maker Ainsworth Game Technology Ltd announced on Thursday that Mike Dreitzer, president of Ainsworth Game North America, has resigned. Mr Dreitzer will leave the company on...
Jan 18, 2018
Dec 29, 2017It could be 2024 before a casino resort is opened in Japan,...
Dec 27, 2017The year 2017 could prove to have been a turning point in...
Oct 25, 2017The deployment of radio frequency identification (RFID)...
”The casino [at Jeju Shinhwa World] has been totally finished since December”
Executive vice president, casino, at Landing Entertainment Korea