Amax sees promise in Vanuatu operation

Macau junket operator Amax Holdings said the island of Vanuatu holds high potential and the company is well placed to take advantage of the market.
Amax in October said it sealed a deal to buy 60 percent of a British Virgin Islands-based investment holding company, Forenzia Enterprises, which ultimately has a 50 percent stake in a firm called Chartreuse, which owns the Vanuatu gaming license. It paid HK$48 million ($7 million).
“The company has full confidence in the high potential of Vanuatu and is well-poised to absorb the unfulfilled demand by establishing a casino operation there,” the group wrote in Hong Kong Stock Exchange filing announcing H1 results.
It said Macau’s position as a destination of choice for Chinese gamblers has been eroded by increasing competition and a general slowdown.
Amax reported its loss in the period was $18.4 million, widening from $16.09 million a year ago. Turnover slipped to $2.44 million from $2.53 million in the year ago period.
The company, which warned last month that its loss would widen, said the decline was due to higher costs.