GGRAsia – Amax slips into red for fiscal year to March 31

Amax slips into red for fiscal year to March 31

Jun 29, 2015 Newsdesk Latest News, Macau, Top of the deck, World

Casino investor Amax International Holdings reported a net loss of about HKD41.4 million (US$5.3 million) for the financial year ended March 31, compared to a net profit of approximately HKD65.4 million for the prior-year period.

The company – which currently gets most of its income from VIP gaming tables and slot machine operations run by subsidiaries in Macau – said the net profit for fiscal 2014 was attributable to the “one-off gain” of HKD102.4 million from the disposal of subsidiary Ace High Group Ltd.

Turnover of the group in fiscal 2015 was about HKD5.12 million, up from HKD4.97 million for the corresponding period a year earlier, the company said in a Hong Kong filing on Sunday. During that period however Amax International recorded an operating loss of HKD41.4 million, up from HKD37.1 million a year ago.

The 2015 results however do not include the performance of Greek Mythology (Macau) Entertainment Group Corp Ltd. The latter – 24.8 percent owned by Amax International – has operated gaming tables in Casino Greek Mythology (now known as Imperial Palace) in Taipa under the SJM Holdings Ltd gaming licence.

Amax International had announced in mid-October that it had completed the purchase of a 60 percent stake in Forenzia Enterprises Ltd, a firm that has access to an online gaming licence for Vanuatu. The deal was closed for a total consideration of HKD48.1 million.

In Sunday’s filing, Amax International said the setting up of the interactive betting operation in Vanuatu “is currently in progress”. It was originally slated to be ready by December 31.

Despite the delay, the company said it is “optimistic about the gaming business prospects in the Republic of Vanuatu”.

“In the coming year, the group’s priority will be given to the development and operation of the gaming business in Vanuatu in order to turn it into a growth driver for the company,” it added.