This news is about one of the well reputed casino in Macau which was run by the Hong-Kong listed famous gaming service provider Amax International Holdings Ltd. The particular casino was renowned as the Greek Mythology casino which was shuttered down since many years. The reason behind its shut down was a great conflict between the partners who were running this business, the dispute lead the casino shut down for several years. Beijing Imperial Palace Hotel was the place where this casino was located, initially the casino got closed on temporary basis and later its license was rejected because of it was found against Macau government rules and regulations.
According to facts and figures given by Amax International, 24.8%stake were sold in Greek Mythology Entertainment Group Ltd at very economic rates to one of the famous business consultancy called Fu Po International Ltd. Further Amax International reported that dispute involved a huge amount of approximate HKD 353.6 million that was paid in lieu of interest while HKD 28.5 million was also due to the group as a previous entity. All these issues and conflict led the casino to shut down for years. Further reporting showed that the hotel was overtaken by the boss of Macau junket investor Sun city Group because of some unpaid debt.
It was also found that the basic reason behind dispute were gaming zone and their facilities that involved the chief executive, chairman and one of the former partner Chen Mei Huan in a dispute. As a result of this dispute the Casino Greek Mythology remained closed for more than three years. During the case proceedings Amax International declared that the board aimed to keep the cash flow and other business operations safeguarded from the after effects of this dispute. HKD 30,000 net gain was supposed to be utilized as working capital for the business.
Later it was found that Amax International wishes to extend the bond’s maturity up to 24 months and the financial reports showed that the hotel owners decided to raise again after its net loss of HKD 22.1million.