Amax blames loss on Greek Mythology ‘controversy’

 

Hong Kong-listed junket room investor Amax Holdings Ltd has reported an annual loss after failing to gain access to financial data on its primary investment. The company said it made a net loss of HK$39.3 million ($5.1 million) for the year to March 31 compared with net profit of HK$161.1 million a year earlier. It reported receiving HK$4.8 million in revenue from its investments in VIP tables and slot machines in the Greek Mythology casino in the New Century Hotel, the same amount as the previous financial year. However, the company said that the management of Greek Mythology denied access to their books and records and did not co-operate with Amax.  Amax said its new management “is taking proactive actions to strengthen communication with the management of Greek Mythology in order to address and resolve the controversy” between them. However, in the absence of adequate data from Greek Mythology, auditor CCIF CFA Ltd. said it could “not express an opinion on the consolidated financial statements as to whether they give a true and fair view of the state of affairs” of Amax.