China – Amax walks away from Greek Mythology Casino in MacauBy Phil - 18 February 2019
Amax International has walked away from its 24.8 per cent share in the shuttered Greek Mythology Casino in Macau saying it had been ‘trying but failed to contact the management of Greek Mythology to understand the current situation of Greek Mythology which led to uncertainty on the development of Greek Mythology.’
It has sold the stake, believed to be worth in the region of US$45m, for just HK$38,000 to local Macau company, Fu Po International Limited. Amax said it had made no progress in its long-winded attempts to obtain financial records from the casino’s former management company, Greek Mythology (Macau) Entertainment Group.
In an announcement, Amax said: “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. The company and Fu Po International Limited have entered into a sale and purchase agreement pursuant to which the company has conditionally agreed to sell and the Purchaser has conditionally agreed to purchase 1,204 ordinary shares of MOP1,000 each in the issued share capital of the associate (representing 24.8 per cent of the issued share capital of the Associate) at HK$38,000 which will be settled by cash.”
Amax said it had not been able to complete its own financial records in the last year and a half said it would now be concentrating on its casinos in Cambodia and Vanuatu.