GGRAsia – Amax loss narrows 6 pct in 1H fiscal 2015

Amax loss narrows 6 pct in 1H fiscal 2015

Nov 30, 2015 Newsdesk Industry Talk, Latest News, Macau

Casino investor Amax International Holdings Ltd saw its net loss narrow by 6.1 percent year-on-year to HKD16.69 million (US$2.2 million) in the first half of fiscal 2015, compared to HKD17.77 million a year earlier.

The firm released on Friday to the Hong Kong Stock Exchange the unaudited interim results for the six-month period ending September 30.

Amax International reported total turnover of HKD3.99 million, up by 63.5 percent from the prior-year period. The company said revenue from VIP gaming tables and slot machines-related operations “formed the major source of revenue” during the period.

The company said revenue generated by its associates in Macau amounted to HKD2.4 million in the six months to September 30. Revenue from its lottery business in mainland China in the period jumped to HKD1.59 million from about HKD43,000 a year earlier.

The group however recorded an operating loss of approximately HKD17.69 million in its fiscal first half, with general and administrative expenses amounting to HKD14.07 million.

Amax International said the results of an associate – Greek Mythology (Macau) Entertainment Group Corp Ltd – were again not available to the firm. The associate – in which Amax International claims to own a 24.8-percent stake – operates and manages the Greek Mythology Casino in Taipa. There is an outstanding dispute between both parties since at least 2012.

Last year, Amax International acquired a 60 percent equity interest in a firm – Forenzia Enterprises Ltd – with access to an interactive gaming licence issued by the Pacific island republic of Vanuatu. Amax International said it wants to run a proxy betting operation in Vanuatu and also to bring in high rollers to the island.

“The setting up of the business operation of Forenzia Enterprises progressed gradually … Upon completion, the business will become the main revenue driver for the company in Asia Pacific,” the firm said in its latest filing.