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Macau’s Shuttered Greek Mythology Casino Management Refuses to Show Up in Court

According to recently issued information, one of the controversial casino developers and operators Greek Mythology Entertainment Group Corp LTD has failed to give the court the time of day as Board Members did not show up this Thursday. Amax International Holdings LTD, casino developer and operator in the region is still anticipating to be provided with previously sought information related to the financial situation of Greek Mythology dating back to 2012, but for the time being no such data has been introduced.

Information had been previously demanded by Amax in order to evaluate the overall operation of the developer behind Greek Mythology Casino. The venue was situated at the Beijing Imperial Palace Hotel and it launched operation in 2004. However, the location had to cease operation in 2015 as it failed to produce its management accounts and corresponding figures dating back to 2012, demanded by Amax, which led to a legal battle between the two businesses. Amax has a 24.8-percent stake in Greek Mythology.

As a result of this refusal to provide the needed data, Macau Gaming Inspection and Co-ordination Bureau had to put an end to the operation of the gambling facility in 2015 and the casino location has remained closed for business ever since then. According to the official statement which was issued back then, the shutting down was only temporary, since the location was in need of renovation work and the process would have been accelerated if operation ceased.

Now Macau Court could not attract the Board Members overseeing the operation of the casino developer to the arranged hearing which focused on the important financial information reflecting previous operation of the gambling venue. Amax wanted to make sure that the group’s audit evidence looked well and that there was no misrepresentation of the overall management taking place.

In an attempt to gain access to them, Amax even went so far as to make a formal request that Ng Man Sun is appointed to the position of Administrator which would have taken up to a year and a half to be approved. The legal battle would have to continue in the upcoming weeks as the Board members continue to be sought.

Long-Winded Legal Battle Continues in Macau

Gambling hub Macau has been the arena of a heated dispute over the legal ownership of the shuttered Beijing Imperial Palace Hotel ongoing for the past six years. It could be recalled that 2012 was the year when Amax’s subsidiary Empresa Hoteleria de Macau and Suncity Group Holdings’ subsidiary Victory Success Holdings decided to cease their joint operation, which led to the long-winded fight for asserting control over the operation and claiming ownership over the resort.

The transfer which granted Victory Success with the property in order to arrange a debt was considered questionable by Amax Chairman Ng Man Sun, who stated that Victory had made an attempt to make an impact on the lawsuit by publicly announcing the said ownership change. From then on the legal battle and the consequent actions have made the situation even more tangled, eventually leading to the ultimate closing of the casino resort in 2016. The very beginning of the following year witnessed the revoking of its license for operation.

Earlier this year it was confirmed that Suncity had plans for the complete refurbishment of the shuttered facility and its subsequent reopening for guests, but as it turned out the court ruled that Amax is the legal owner of the property and in turn considered invalid the transfer which took place in 2016.

In the meantime the company is enjoying its operation in the island country of Vanuatu, as well as in Cambodia, narrowing down the net loss of the holding to some $6.5 million over the year which ended in March 2018. This equals a 95-percent reduction all attributed to the management of Target VIP room located at Genting Crown Casino in Poipet, Cambodia, as well as online gaming development in Vanuatu.

 Author: Harrison Young

Harrison Young is an experienced writer, who started his career almost 8 years ago. Prior to joining our team at CasinoGamesPro, he worked as an editor for a small magazine.