Cambodia VIP drives Amax revenue, but loss widens

Amax International Holdings posted a widened loss for the six months ended September 30, 2018, due mainly to increased expenses arising from promissory notes and convertible bonds, and increased general and administrative expenses.

Net loss for the six month period was HK$21.5 million, representing an increase of 54.7 percent year-on-year.

Revenue from the group however increased more than 493 percent – to HK$62.3 million. Amax said this was due mainly to revenue derived from its VIP room business in Cambodia.

The Company has been operating a VIP Room with 13 baccarat tables in Cambodia via Victor Mind Global Limited (VMG), a wholly-owned subsidiary of the Company, since December 1, 2017.

Revenue generated from the VIP Room was approximately HK$50.3 million, said the company.

Amax also holds 24.8 percent equity interests in Greek Mythology (Macau) Entertainment Group Corporation Limited, which operates and manages Greek Mythology casino at Beijing Imperial Palace Hotel (formerly known as New Century Hotel) in Macau.

Along with its gaming businesses in Asia, the company is involved with Augmented reality /Virtual reality entertainment and mobile games solutions and owns a 60 percent share in a company which operates a gaming business in Vanuatu.

Looking ahead, Amax said it is optimistic for prospects in Cambodia, given the growth of Chinese tourists to the country.