Amax International Holdings Limited’s officials recently revealed that the company has a plan which would see it changing its name. According to this plan, the Asia-based entertainment and casino company will be re-named to Century Entertainment International Holdings Limited. The Hong Kong-listed company used its official press release to reveal more details regarding its planned rebranding which will allow the company to refresh its corporate image as well as its identity.

With this plan, the company’s officials also hope that the rebranding plan will also allow the company to be able to better comply with the company’s interest including its shareholders’ interest as well as to more appropriately serve its customers. Amax International Holdings Limited mainly engages in the investment in entertainment and gaming businesses in addition to being positioned for luxurious entertainment and leisure consumption.

As expected, the company is primarily active in the Asian regions where it proactively works on identifying all sorts of gaming-related opportunities with the main goal of diversifying its line of business and successfully expanding its income sources. In some time in the near future, the company hopes to expand beyond Asia. One way of doing so is changing the company’s both Chinese and English names.

Conditions and Effects of the Proposed Rebranding

The recently proposed rebranding plan for Amex International Holdings Limited is subject to several conditions. First of all, the rebranding plan alongside all of its resolutions has to be passed to the company’s shareholders which have to approve the company’s name change at a special meeting. Another condition is that the approval of the company’s name change has to be granted by several subsidiary companies.

Once these two major conditions are checked, the company plans on carrying out all of the necessary, required procedures with the main registry companies located in Hong Kong. When it comes to the effects of the proposed name change, once the proposed resolution becomes active, all of the company’s existing certificated with its current name remain legal evidence to the shares, so they are valid for all sorts of registration, settlement and trading purposes.

Moreover, the resolution will not affect the shareholders’ rights in any way. The company does not plan on arranging any name changing for its already existing share certificates which will bear its new name. Once the resolution becomes active, all of the share certificates will be issued with the new company’s name while the company will also trade on the stock market with its new name.

Overwhelming Debt

Before this news, the Amex International Holdings Limited disposed around 24.8% remaining stake in a facility that was previously operated by Macau’s Greek Mythology Casino. This facility is now shuttered. As reported by GGRAsia, the previous year was many things except kind to the Amax International Holdings Limited which recorded a massive net loss of around $53.3 million for the period of twelve months until the end of March 2019.

This is a major loss for the company that is now facing seriously rising debt. Its net loss of around $533 million has significantly risen when compared to the company’s previous deficit which amounted to around $6.7 million. Commenting on this, the company’s officials agreed that the biggest reason behind these devastating numbers is the disposal of the company’s stakes in the company which is behind the now-shuttered Greek Mythology Casino.

Amax International Holdings Limited is a successful gaming company (Hong Kong Stock Exchange) that invests in the gaming business and provides its customers with luxurious entertainment and leisure. Their registered office is in Hamilton, Bermuda. Amax International plans to expand its business beyond the Asian region. Their association with Greek Mythology Casino was the burning issue for many years, and now the story has unfolded.

Greek Mythology Casino

Amax International used to have ownership over the 24.8% equity interest in the casino, which is situated in Beijing Imperial Palace Hotel, in Tai Pa, Macau. Greek Mythology Casino offered almost two dozen gaming rooms for VIP players and a rich gaming floor that aimed at regular customers from many Asian regions. They were temporarily shut down back in 2015, but they were permanently closed since January 2017. The reason they were closed is that they had lost their license due to failure to meet a few Macau regulations. One of the many problems had to do with illegal structures.

Since they’ve experienced severe losses in the past few years, Amax International Holdings decided to put an end on the story between them and Greek Mythology Casino. They were obviously very patient and understanding regarding this issue, but things got rough when their losses began to increase year after year. In June 2018, their impairment losses and the amount due from Greek Mythology casino were HKD901.2 million ($114.85 million).

The End of Amax International and Greek Mythology

According to their claims, the 24.8% equity interest they owned is now sold to investment firm Fu Po International Ltd. in Macau. Their attempts to receive audited financial statements from the previous management of Greek Mythology (Macau) Entertainment Group Corporation Limited had failed, so they gave up. It was only a matter of them when they would stop trying to repair what was already damaged. Greek Mythology Casino was sold for a very small sum of money, and Amax International suffered $45.1 million impairment related to Greek Mythology interest, and $3.63 million due.

All Amax International Holdings had to say regarding this subject is that the board considers that the impairment and the disposal of Greek Mythology Casino could be fixed once they finally resolve audit issues they’ve avoided for so long. Those issues were caused by the auditor who was prolonging to disclaim his opinion on the company interest along with the amount due. After this unpleasant experience, Amax International Holdings will focus on its casinos in Vanuatu and Cambodia and try to make the best out of what they have.

Even though it seems like these impairments were very severe and potentially harmful for Amax International Holdings, HKSE filing claims that they’re not expected to harm their bottom line. According to the board, these issues are one-time and don’t have a long-term impact on their business. They’re also non-cash in nature, which means that Amax International won’t have troubles regarding their cash flow or any other business operation.

This is the end of a long and rocky road for Amax International, but there is no reason to worry about their progress in the future.