GGRAsia – Amax International issues warning of wider loss

Amax International issues warning of wider loss

Nov 12, 2014 Newsdesk Industry Talk, Latest News, Macau, World

Casino industry investor Amax International Holdings Ltd on Tuesday warned – in one of three filings that day – that its loss for the six months to September 30 is likely to have widened compared to the year-prior period.

The Hong Kong-listed firm said it “expected to record a moderate increase in loss” when compared with a net loss of approximately HKD16.1 million (US$2.1 million) in the corresponding period in 2013.

The company added that in the year ended March 31, 2014, it made HKD65.39 million in net profit, “mainly attributable to the recognition of a one-off gain on disposal of a subsidiary” amounting to HKD102 million.

In its second filing to the Hong Kong Stock Exchange on Tuesday, Amax International said it had completed the purchase of a 60 percent equity interest in Forenzia Enterprises Ltd, a firm that has access to an online gaming licence for the Pacific island nation of Vanuatu (pictured).

Amax International said in a filing on October 14 that it plans to use the licence to operate from the country’s capital Port Vila live table games videoed and streamed on the Internet for online players.

At the same time it will seek to arrange for junkets to fly high rollers from mainland China and elsewhere in Asia to Vanuatu to take part in those table games.

Amax International added in its second Tuesday filing, referring to the Vanuatu venture: “The setting up of the operation of the target group is currently in progress.”