Amax posts net loss of $6.3 million in 2016

Casino operator Amax International Holdings Limited posted a net loss for the financial year ended March 31, 2016 amounting to approximately HK$49 million (US$6.3 million).

In a filing to the Hong Kong Stock Exchange, the company said it the loss widened compared to HK$41.4 million for the financial year ended March 31, 2015.

The results however, excludes the financial information of Greek Mythology to which it owns 24.8 percent equity interests – which was “unavailable to the company for the preparation of consolidated financial statements… due to the failure in accessing Greek Mythology’s financial information in a timely manner.”

The company said it has initiated a series of legal actions to attempt to obtain the annual accounts from Greek Mythology.

The casino operator also said it was looking outside of Macau in order to satisfy unfulfilled demand.

Previously, the group acquired a 60 percent equity interest in Forenzia Enterprises Limited at a consideration of HK$48.1 million, a company which is principally engaged with conducting business in Vanuatu, it received approval to commence the gaming business last month.

The group also holds a 42.6 percent beneficial equity interest in LE-Guanxi, a lottery related services company in cooperation with the Guangxi Welfare Lottery Issue Centre.