Amax International Holdings has announced that it considers to provide high-rollers with live-dealer wagering opportunity at the Vanuatu Island market. Earlier this week Amax signed a deal to acquire 60% of Forenzia Enterprises Ltd. which has local license to operate with online websites.
The new partnership has an initial plan of offering a limited live-dealer settings in the capital of Vanuatu. This feature will offer the opportunity for VIP players to access live-dealer terminals at local hotels or other buildings.
There will be around ten tables and this number may increase depending on the demand. This new tech is to be managed by Forenzia’s Chartreuse Holdings Ltd. – a company located and licensed in Vanuatu. The license agreement includes a $50,000 annual tax and an additional tax on revenue from gambling.
The deal for Forenzia began back in March this year, however the two sides extended the deadline four times. Amax is to acquire a total of 37 million shares of Forenzia which will cost $6.2 million.
With the new partnership of Amax, it will attempt to offer better gambling conditions and atmosphere to Macau players as the tax rates and regulations of Vanuatu Island are better. As to investors, the company explained that it has “dealt with enough junkets to obtain sufficient rolling” for the next fiscal year and is confident it can reach a turnover of over $4 million.
Amax International Holdings is a company which mainly deals with investing in a variety of gaming and entertainment businesses, seeking to expand its operations at the high-end leisure and entertainment sectors.
Amax International Has Another Issue to Fix
Amax International Holdings has openly complained of the inability of its former partner to come to court and consequently follow the court’s orders. Amax is undergoing a lengthy legal battle with Greek Mythology Entertainment Group (GMEG) which manages a number of VIP lounges in Macau. Amax has 25% shares of GMEG and has reported that there is a lack of proper financial reports for the last two years.
The conflict between Amax and GMEG begun back in late 2012 when GMEG has seized managing around 40 tables which it operated under the SJM Holdings licensing. The tables were given back to SJM and the company was told it could use them for its other properties in Macau. At the time, those tables took up to 2/3 of GMEG’s operations.
Recently, there has been a development in the court proceedings after the Court of First Finance directed GMEG to provide Amax with financial reports for the year 2012. The company was also required to “convene a general meeting to approve the annual accounts.”
Amax shared that it had now received reports from its partner but had not yet been contacted for a meeting. Amax stands behind the conviction that GMEG has not fulfilled the orders of Macau’s Court of First Instance and will therefore continue to seek its rights through the court.
