Amax International Holdings Limited reported that their revenue for the six-month period that ended on September 30 dropped by 54.3% from the same period of time in 2018. The company saw a total revenue of about HK$28.5 million ($3.6 million) for the period, running from the beginning of April through the end of September, less than half of the revenue that had been recorded at the end of September 2018.
According to the company, the decline in revenue was “mainly attributable to the decrease in revenue derived from the VIP room business in Cambodia.” Currently, Amax is operating a VIP room that consists of 13 baccarat tables operated through Victor Mind Global Limited, a subsidiary wholly owned by Amax. This VIP room is located at the Genting Crown Casino in Poipet.
The numbers are disappointing at face value, but there seems to be no panic at Amax International. In a statement, the company explained that it “sees attractive potential in the gaming market in [Sihanoukville] and is confident to the thriving development of this business.”
Amax signed a deal in October 2018 to open a new casino in Sihanoukville. In October, immediately following the six-month period in question, Amax signed a deal to lease four gaming tables that are located in the Century Entertainment casino in Sihanoukville, Cambodia. This should help to buoy the numbers for the upcoming six-month period of time.
This region is quickly becoming a very popular tourist destination, eclipsing Poipet as the go-to location for those looking for casinos or recreational activity within the region. This is why it appears that there is less concern about the fledgling numbers at the Poipet VIP room, as Amax has placed a great deal of confidence in their Sihanoukville facility, and with the four new gaming tables their optimism appears to be justified.
Amax is currently in the midst of a name change as well. The company is moving to its new brand as Century Entertainment International Holdings Limited in a move to “refresh the corporate image and mark the Group’s new milestone of transformation for its future developments.”
This appears to be a more fitting name as the group has become active in the development of AR/VR entertainment and apps for mobile devices such as tablets and smartphones. They are also providing customized IT support and design solutions which contributed HK$2 million ($260,000) toward the total revenue figure.