CASINO

Amax to sue Greek Mythology Casino operators over financial accounts

TAGs: Amax Holdings, greek mythology, Leonard Postrado, Macau

Amax to sue Greek Mythology Casino operators over financial accountsOperator of the beleaguered Greek Mythology Casino in Macau will have to find space for the new set of folders that will be added to the growing collection of its legal cases.

This as Macau junket and casino investor Amax International Holdings warned Greek Mythology operator of suing them should the latter failed to submit its annual financial accounts to the HongKong-listed company.

In an announcement to the HongKong Stock Exchange on Thursday, Amax accused Greek Mythology of refusing to submit the 2015 and 2016 financial accounts to company. It claimed that the beleaguered casino still owes them monthly fees under their slot machine rights agreement and the gaming table rights agreement.

Amax, said that the Board will try to liaise with Greek Mythology to materialise the repayment schedule of the Indebted Amount. Suing Greek Mythology is also another option that Amax is willing to take.

“The board has been taking possible steps to recover the indebted amount from Greek Mythology…However, no response has been obtained from Greek Mythology and no concrete solution has been agreed between both parties,” it said. “The company has been advised by its Macau lawyer to take further legal action against Greek Mythology and its management.”

The Ng Man Sun-led company holds 24.8 percent equity interest in Greek Mythology (Macau) Entertainment Group Corporation Ltd., which ran the casino inside the Beijing Imperial Palace Hotel in Taipa under the gaming license of Sociedade de Jogos de Macau S.A. (SJM).

In July, the Macao Government Tourist Office (MGTO) ordered the Beijing Imperial Palace Hotel – formerly known as the New Century Hotel – to shut down on Saturday (23) due to its operator having “committed serious administrative irregularities, constituting threats to public safety.”

The closure will last six months.

But Amax downplayed Beijing Imperial Hotel’s closure as it claimed that Greek Mythology – which was temporarily shut since December 30 on the request of SJM Holdings – could continue its operation notwithstanding the close-down of the hotel under the law of Macau.

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