Asian gaming investor Amax International Holdings has issued a profit warning for the year ended 31 March 2019, stating it expects to record an “obvious increase in loss” when compared with the loss of HK$52.8 million (US$6.7 million) recorded in FY18.
In a filing, Amax said the widened loss in 2019 was mainly due to an impairment loss in the amount of HK$353.6 million made after the company wrote off its entire 24.8% stake in closed Macau casino Greek Mythology, plus HK$28.5 million in cash owed by the casino’s former management company Greek Mythology (Macau) Entertainment Group Corporation Limited.
Amax revealed in February that it had made the decision to write off its Greek Mythology stake after failing to make any headway in its lengthy pursuit of financial records from the former management firm.
Having been unable to complete its own financial records in the 18 months since, Amax instead agreed to sell its 24.8% stake to a local Macau investment firm, Fu Po International Limited, for just HK$38,000.
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 in which the casino was housed to cease operations on 22 July 2016. The hotel’s license was revoked on 12 January 2017.
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