Amax expecting to record widened loss

Macau casino investor Amax International Holdings Ltd. says it expects to record an “obvious” increase in loss for the year ended March 31, 2017 when compared with a net loss of HK$43.1 million (US$5.5 million) in the previous year.

According to a company filing to the Hong Kong Stock Exchange on Friday, the increase in loss is attributable to a provision for impairment loss on amounts due from Greek Mythology (Macau) Entertainment Group Corporation Limited; provision for impairment loss on fair value of Greek Mythology in the amount of HK$837.6 million; and provision for impairment loss on fair value of the gaming license for the gaming business in Vanuatu amounting to HK$39.6 million.

Amax International Holdings Limited is principally engaged in investments in gaming and entertainment related businesses, positioned for high-end leisure & entertainment consumption.

It currently owns 24.8 percent equity interest in Greek Mythology Casino, located in Taipa, Macau.