Macau casino junket investor Amax International Holdings Ltd says it has extended for a fourth time the deadline on talks to acquire a controlling stake in a proposed casino operation in Northern Cyprus. In a Monday filing to the Hong Kong Stock Exchange, Amax said the new cut off point is October 31, 2014.
“Additional time is required for the company to complete the due diligence review and finalise the terms of the formal sale and purchase agreement,” the company said in the statement.
The deal would give Amax 51 percent of Samoa-incorporated Southern Ruby Ltd. According to previous Amax filings, Southern Ruby has the rights to set up and operate a casino at the Lara Park Hotel in Girne and take a 10-percent share in the hotel.
Also according to previous filings, Southern Ruby is owned by Ng Man Sun, who is also chairman and chief executive of Amax International Holdings. Amax has not disclosed the cost of the deal.
In a separate filing on Monday, Amax reported a net profit of HK$65.4 million (US$8.4 million) for year ended March 31. It also said it is committed to expand its core business outside Macau “to absorb the unfulfilled demand from high rollers in Asia”.
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”Many investors cite Golden Week as a catalyst to significant, sustainable visitation increases and a showcase for profitability for many casinos [in Macau]... However… we are concerned recovery estimates may again be pushed back”
Analyst at Roth Capital Partners