This week, it had been declared that Amax International Holdings Ltd (HKEx:959) has made a decision to market their interest in a company that used to run the Macau-based, Greek Mythology Casino. The casino has been closed down for many decades as two former business partners continue to disagree about the venue. The Beijing Imperial Palace Hotel, in which the casino is located, closed briefly at the summer of 2016 and then had a lapse take place regarding their working permit based on compliance issues with the government standards of Macau.
Promoting Stake:
Using a Sunday filing, Amax International declared that they had sold the Greek Mythology (Macau) Entertainment Group Corp Ltd stake of 24.8%.
In the filing, Amax stated that the sale involved an impairment of HKD353.6m which is equivalent to $45.1m USD. This figure was in relation to their curiosity about Greek Mythology (Macau). The move was partially because of lack of progress in receiving audited financial statements in addition to other information that has been necessary for audit purpose in the entity and the applying of a court order.
According to ggrasia.com…
Back in May, Amax stated that a report in Ming Pao Daily Wasn’t accurate, involving the Beijing Imperial Palace. In the report, it had been stated that interests connected to the boss of junket investor Suncity Group, Alvin Chau Cheok Wa, had taken over control of this venue. The takeover was reportedly due to incurred debt.
Several Disputes:
The Casino Greek Mythology along with the Beijing Imperial Palace Hotel have been subjected to several disputes in the past. Included in the mix have been issues involving the Amax chairman and chief executive, Ng Man Sun and Chen Mei Huan, Sun’s former domestic partner.
In the filing, Amax made sure to point out that the mentioned impairments are one-off and non-cash in character and are not in any way influencing the money flow of the group or their present business operations.
