GGRAsia – Amax’s loss widens for fiscal year to March 31

Amax’s loss widens for fiscal year to March 31

Jun 29, 2016 Newsdesk Latest News, Macau, Top of the deck

Casino investor Amax International Holdings reported a net loss of approximately HKD49.0 million (US$6.3 million) for the financial year ended March 31, compared to a loss of about HKD41.4 million for the prior-year period.

Revenue of the group in fiscal 2016 was about HKD10.49 million, up from HKD5.12 million for the corresponding period a year earlier, the company said in a Hong Kong filing on Tuesday. During that period however Amax International recorded general and administrative expenses of HKD42.53 million, up from HKD33.51 million a year ago.

Amax International currently gets most of its income from VIP gaming tables and slot machine operations run by subsidiaries in Macau.

The 2016 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 in Taipa under the SJM Holdings Ltd gaming licence. The casino at the property remains closed for renovation, Amax International confirmed in the latest filing.

In Tuesday’s filing, Amax International said that during the financial year the company had continued efforts to consolidate its business resources and expanding its core business beyond Macau. The firm announced in May that it had received conditional approval to start gaming operations on the Pacific island nation of Vanuatu.

Amax International had announced in October 2014 that it had completed the purchase of a 60 percent stake in Forenzia Enterprises Ltd, a firm that it said has access to an online gaming licence for Vanuatu.