MTGO noted “serious irregularities”
Hong Kong-listed junket investor Amax International Holdings is weighing legal action against the operator of the Greek Mythology Casino, which failed to submit annual financial accounts for 2015 and 2016, reports the Asia Gaming Brief. It also did not submit reports for 2014.
In July, the government ordered the temporary closure of the Beijing Imperial Palace Hotel for six months, a decision made because the hotel “committed serious administrative irregularities and failed to carry out essential fire safety measures.” Macau officials also claimed the hotel “harmed the image of Macau’s tourism sector.”
Casino operations were suspended in December at the request of SJM Holdings, which holds the gaming license. The casino was run by a company called Greek Mythology Macau Entertainment Group Corp. Ltd., in which Amax holds a 24.8 percent equity interest, according to the Macau Business Daily.
In a filing by Amax, the company said Greek Mythology must pay monthly fees to the investor to satisfy the terms of its gaming rights agreements.
“The board has been taking possible steps to recover the indebted amount from Greek Mythology,” the filing stated. “However, no response has been obtained from Greek Mythology and no concrete solution has been agreed between both parties.”
The property has a turbulent history. In 1996, Amax Chairman Ng Man Sun acquired the hotel, then known as the New Century. In 2012, he “temporarily” transferred 80 percent of the property to a former lover, Chen Mei Huan. She declined to return the stake after the couple parted.
In 2013, a Macau court ordered the hotel seized to pay outstanding debts owed to Hoi Cheng Nga, head of the Energy Travel Agency. In October 2015, the hotel changed hands again, becoming the property of Victory Success Holdings.
When Amax fought that transfer, Macau’s Court of Final Appeal ruled that Hoi Cheng Nga had the right to sell the Imperial Palace to recover money owed from unpaid VIP gaming commissions.
