Amax reports 54 percent drop in revenue

Amax International Holdings Limited has reported a 54 percent year-on-year drop in revenues in the six-month period ending September 30 to the figure of HK$28.5 million (about US$3.6 million). This decline was “mainly attributable to the decrease in revenue derived from the VIP room business in Cambodia.”

Net losses came in at HK$13.5 million.

Amax has been operating a VIP room with thirteen baccarat tables via Victor Mind Global Limited, its wholly-owned subsidiary, since December 2017, at the Genting Crown Casino in Poipet.

Despite the disappointing half-year financial results, the company stated that it “sees attractive potential in the gaming market in [Sihanoukville] and is confident to the thriving development of this business.”

This was a reference to the fact that in October, after the financial period in question, Amax leased four gaming tables located at the mass market gaming area of the Century Entertainment casino in Sihanoukville, Cambodia.

The company has also proposed changing its name to Century Entertainment International Holdings Limited “to refresh the corporate image and mark the Group’s new milestone of transformation for its future developments.”