Macau junket and casino investor Amax International will now be able to tap into the full potential of Vanuatu’s gambling market with the approval coming from the Vanuatu government.
Gaming regulators in Vanuatu has finally allowed Amax to start operating in the Pacific island nation, more than a year after it bought a 60 percent stake in Forenzia Enterprises Ltd. Forenzia Enterprises has obtained through its wholly-owned subsidiaries an interactive gaming license valid for a period of 15 years in the Republic of Vanuatu.
On Thursday, Amax chairman Ng Man Sun welcomed the development in Vanuatu, saying that it will serve as a respite from the regional revenue downturn of Asian gaming industry, particularly in Macau.
The group, according to Ng, believes that there is a high potential for Vanuatu, which is a popular destination for tourists from Australia, New Zealand, New Caledonia, Europe, North America and Japan, to be the next gaming hotspot in the pacific.
“In view of the poor industry sentiment in Macau’s gaming market, as well as the rapid development of the interactive gaming sector in recent years, this new project will provide us with a golden opportunity to diversify our business and thereby broaden our income sources,” Ng said in a statement. “We are confident that by leveraging our extensive experience and expertise in the gaming industry, this new project can significantly and positively contribute to the Group and create value for our shareholders.”
Amax questions Beijing Imperial Palace Hotel ownership transfer
In other Amax news, the company questions the validity of the transfer of Beijing Imperial Palace Hotel to Victory Success Holdings, saying that the ownership of the property has yet to be settled by the court.
Macau Business Daily reported that Beijing Imperial Palace Hotel (formerly known as New Century Hotel), which house the Greek Mythology Casino, was once again dragged in a legal tug-of-war after Ng, who was one of the claimants, insisted legal ownership over the property.
Ng accused Victory of trying to ‘influence’ the outcome of a lawsuit he lodged in connection with the property dispute after Empresa Hoteleira de Macau Lda announced it has transferred the ownership of the hotel property to Victory on October 22, 2015 as payment for debt.
“There is a legal action brought by Mr. Ng Man Sun against Victory Success Holdings Limited in the [Court of First Instance] wherein Mr. Ng Man Sun requests the reversion or nullity of the transfer of the property,” the statement reads.
‘These proceedings are pending decision and the announcement made by Victory Success Holdings Limited is an attempt to influence the outcome,’ it added.