Amax International issues bigger loss warning

Casino industry investor Amax International Holdings Inc AMAX warned in one of three filings on Tuesday that its losses in the six months to Sept. 30 were likely widened year-over-year.

The Hong Kong-listed company said it “expects a significant increase in losses,” compared with a net loss of about HK$16.1 million (US$2.1 million) in the same period in 2013.

The company posted a net profit of HK$65.39 million in the year ended March 31, 2014, “mainly due to the recognition of one-off profits from the disposal of its subsidiaries,” it added, amounting to HK$122 million.

In a second filing with the Hong Kong Stock Exchange on Tuesday, Amax International said it had completed a 60% stake purchase in Forenzia Enterprises Ltd, a company that would have access to online gaming licenses for Pacific island nation Vanuatu (pictured).

Amax International said in its Oct. 14 filing that it plans to use its license to operate on a potvilla live table game, which shoots and streams videos on the internet for online players. 바카라사이트

At the same time, we plan to travel on high rollers from mainland China and other parts of Asia to Vanuatu to prepare them to participate in table games.

Referring to the Vanuatu venture in a second filing on Tuesday, Amax International added: “The operational setup of the Target Group is currently underway.”