Hong Kong-listed gaming investor Amax International Holdings has signed a Service Agreement with Cheung Shing Global Travel Entertainment Limited (CSG) that will see it provide technical and pre-opening services for a new casino project in Sihanoukville, Cambodia.
The agreement, through Amax’s wholly-owned subsidiary Victor Mind Global Limited, includes the design, development and implementation of information technology systems, the overall design of the casino, the establishment of organizational and operational structures, the setting up of internal control systems, the provision of recruiting services, the procurement of essential hardware, equipment and peripheral facilities, monitoring the overall progress and report deficiencies of decoration of the Casino and the procurement of all relevant licenses and permits in Cambodia for the operation of the casino.
CSG is wholly-owned by Ng Man Sun, who is Chairman and CEO of Amax and holds a 6.44% stake in the company.
For its services, Amax will be paid fees amounting to HK$9 million for the year ending 31 March 2019, of which HK$2 million is to be paid before the end of this year and remainder upon commencement of casino operations or by 31 March 2019.
Explaining the agreement in a filing to the Hong Kong Stock Exchange, Amax said, “CSG has been sourcing an experienced service provider to assist itself in setting up the casino for operation and the company has solid experience in pre-opening preparation and operation of gaming business in Asia Pacific regions.
“The directors believe that the entering into of the Service Agreement between VMG and CSG can provide an additional source of income to the group while allowing the casino to leverage the company’s expertise in the gaming industry.”
Amax currently operates a gaming business in Vanuatu under an interactive gaming license as well as a VIP room with 13 baccarat tables at Genting Crown Casino in Poipet Cambodia.
It is also engaged in an ongoing legal stoush with Greek Mythology (Macau) Entertainment Group Corporation Limited – which operated and managed the shuttered Greek Mythology casino at Beijing Imperial Palace Hotel in Macau and of which Amax holds a 24.8% stake – in an effort to gain access to their books and records.
No management accounts of Greek Mythology have been made available to Amax since 31 March 2012. Greek Mythology was closed in December 2015 under order of the DICJ, with the Macau Government Tourism Office subsequently ordering The Beijing Imperial Palace Hotel to cease operations on 22 July 2016. The hotel’s license was revoked on 12 January 2017.