Amax completes due diligence on Vanuatu purchase

Junket operator Amax International said it has completed the due diligence on its accord to buy 60 percent of British Virgin Islands-based Forenzia Ltd, which has an interactive gaming license in Vanuatu. The company said it’s now waiting for official documents to be issued by the Republic of Vanuatu. The company also extended for a fourth time its deadline for completing the acquisition, this time to October 31st, 2014.Amax is seeking growth opportunities outside of its home market of Macau as VIP revenue in the gambling hub declines.“In view of a slowed growth in the Macau gaming sector, especially in the high roller segment, the group further consolidated its business resources and sought to expand its core business outside Macau to absorb the unfulfilled demand from high rollers in Asia, who are more willing to visit casinos outside Macau,” it said in a recent filing with the Hong Kong Stock Exchange.

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