Gaming | Amax gives up on Greek Mythology, offloads shares for cheap

Amax International Holdings is offloading a 24.8 percent share in the defunct Greek Mythology casino for HKD38,000, when it is believed to be valued at more than HKD353 million.

The gaming services firm said that the move was due to the “lack of progress” in acquiring audited financial statements and relevant information and documentation necessary for audit purposes from Greek Mythology (Macau).

As announced in a filing to the Hong Kong Stock Exchange, the Hong Kong-listed gaming services firm sold the stake to local property investment firm Fu Po International Limited.

In the filing, Amax International said the disposal involved an impairment of approximately HKD353.6 million related to its interest in Greek Mythology (Macau), and of another HKD28.5 million owed to the group from the latter entity as of September 30, 2018.

“The board is of the view that, based on previous discussion with the company’s auditor, the impairment and the disposal of the associate [Greek Mythology] could address and resolve the audit issues arisen by the auditor’s prolonged disclaimer of opinion on the company interest in the associate and the amount due,” Amax said in the announcement.

The firm also noted that it had not completed its own financial records in the last year and a half, adding that it would now focus on its casinos in Cambodia and Vanuatu.

Greek Mythology casino closed its doors on December 30, 2015, after being in the spotlight since 2012 due to a myriad of disputes.

In June 2012 a hotel shareholder by the name of Ng Man-sun (also known as Ng Wai and Kai See Wai) was hospitalized after being attacked by a gang of six men inside the property. Ng was involved in a dispute with his former girlfriend and business partner, Chen Meihuan, who claimed that she owned 80 percent of the shares in Ng’s debt- ridden hotel.

In July 2016, the Macao Government Tourism Office ordered a temporary closure of the casino’s hotel – the Beijing Imperial Palace Hotel – for a period of six months. The sanction on the hotel was the result of “serious administrative irregularities” and “illegal reconstructions.”

That same year, Amax claimed that the operator of the controversial casino has been keeping them in the dark due to the lack of “valid financial information.” LV