Asian gaming investor Amax International reported a net loss of HK$418.3 million for the year ended 31 March 2019, substiantially widened from 2018’s loss of HK$50.7 million, primarily due to an impairment and disposal loss on shuttered Macau casino Greek Mythology.
Amax was forced to write off its entire 24.8% stake in Greek Mythology, worth HK$353.6 million, plus HK$28.5 million in cash owed by the casino’s former management company Greek Mythology (Macau) Entertainment Group Corporation Limited, after failing to make any headway in its lengthy pursuit of financial records from the former management firm.
The company’s FY19 loss came despite a 14.5% increase in revenue to HK$70.2 million, with Amax seeing a 75.5% decrease in net assets to HK$87.3 million. As a consequence, its liabilities exceed current assets by over HK$16 million, with Amax revealing “a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern.”
Amax agreed to sell its Greek Mythology stake to local Macau investment firm, Fu Po International Limited, for just HK$38,000 in February.
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 The hotel’s license was revoked on 12 January 2017.
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