BUSINESS

Vanuatu online gaming operations fuel Amax Holdings

TAGs: Amax Holdings, Cambodia, vanuatu

The Vanuatu-based online gaming arm of Hong Kong-listed casino junket operator Amax International Holdings is fueling the company’s revenue.

Vanuatu online gaming operations fuels Amax HoldingsIn its annual Environmental, Social and Governance Report, Amax announced that 57.9 percent of the Group’s revenue now comes from its gaming business in the holiday island nation of Vanuatu.

Amax’s venture in the online gaming business started on May 15, 2016 when it finally secured the approval from the Director of Customs and Inland Revenue of Vanuatu.

“As we rely on our operator to a large extent in our business operation in Vanuatu and the maintenance and development of existing and new client relationships, we continue to formulate stricter tenders,” the company said. “We also review and monitor our operator’s procedures in the Vanuatu interactive gaming business.”

To support the company’s revenue growth, Amax said that it continues to look for new revenue sources while consolidating its existing business and reinforcing its position in the gaming industry.

Last month, Amax expressed its intention to obtain operating rights to a VIP room in Cambodia. While the holding company didn’t mention specify which Cambodian casino, Amax said that the facility has a VIP room that operates 13 baccarat tables.

The company has been granted an exclusive right until October 30 to negotiate the precise terms of the deal with the Chinese owner and perform due diligence of the VIP room. Assuming all goes as planned, Amax has promised to pay the owner a fixed monthly fee for a period of two years.

Amax also announced that it commissioned a quality operator to provide services that aim at high-end players from Hong Kong and mainland China.

It also reiterated its commitment to conduct business “honestly, ethically, and with integrity.”

“We place heavy emphasis on the compliance of anti-corruption and anti-money laundering regulations,” the firm pointed out. “We make an effort to verify players’ identities, keep records of their bets, and report suspicious irregularities to the authorities.”

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