Casino services investor Amax International Holdings is giving a profit warning for the fiscal year ending March 31, 2017.
The Hong Kong-listed group stated in a Friday announcement it was expected to record “an obvious increase in loss when compared with net loss attributable to owners of the company of HKD43.1 million (US$5.53 million) in the corresponding period in 2016”.
Amax attributed the likely increase in loss to “provision for impairment loss on amount due from an associate of the company, namely Greek Mythology (Macau) Entertainment Group Corp Ltd, in the amount of HKD63.6 million; provision for impairment loss on fair value of Greek Mythology in the amount of HKD837.6 million; and provision for impairment loss on fair value of the gaming licence for the gaming business in Vanuatu in the amount of HKD39.6 million”.
The chairman of Amax International is Macau junket veteran Ng Man Sun. The company controls 24.8 percent of Greek Mythology, which has operated gaming tables in Casino Greek Mythology in Taipa, Macau, under the SJM Holdings Ltd gaming licence.
The casino was shut down by the Gaming Inspection and Coordination Bureau of Macau on December 31, 2015 at the request of SJM Holdings. At the time, SJM Holdings’ chief executive, Ambrose So Shu Fai, told the Macau public broadcaster TDM that the closure was for renovation.
The Beijing Imperial Palace Hotel, where the Casino Greek Mythology was located, has also been shuttered since July 22, 2016 under the order of the Macao Government Tourism Office due to “serious administrative irregularities” and “illegal reconstructions”. The closure was for a period of six months. The operating licence was later handed back to the city’s authorities before the sanction expired.
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”Our own consensus is that any newcomers to this [junket] sector should be corporatised, and should be financially sound and able to commit a higher guarantee deposit”
Kwok Chi Chung
President of junket trade body, the Macau Association of Gaming and Entertainment Promoters