The owner of the Greek Mythology Casino has announced that it is considering taking legal action against the venue’s operator for failing to provide two years’ worth of financial information.
According to a report from Macau Business Daily, Hong Kong-listed Amax International Holdings declared that it had not received 2015 and 2016 management accounts from Greek Mythology (Macau) Entertainment Group Corporation Limited, which runs the casino located inside Taipa’s now-closed Beijing Imperial Palace Hotel under a gaming license of Sociedade De Jogos De Macau.
“The company has yet to obtain 2015 and 2016 management accounts from Greek Mythology,” read a Thursday statement to the Hong Kong Stock Exchange from Amax International Holdings. “The company has been advised by its Macau lawyer to take further legal action against Greek Mythology and its management.”
Greek Mythology Casino temporarily closed at the end of the year to undergo renovations although the filing alleged that it still owes monthly fees to Amax International Holdings as part of slot machine and gaming table rights agreements.
“The board has been taking possible steps to recover the indebted amount from Greek Mythology,” read the filing from Amax International Holdings, which is controlled by local businessman Ng Man Sun and holds a 24.8% stake in Greek Mythology (Macau) Entertainment Group Corporation Limited. “However, no response has been obtained from Greek Mythology and no concrete solution has been agreed between both parties.”
Amax International Holdings stated that it will now attempt to liaise with the casino operator in order to “materialise the repayment schedule” and “may consider initiating legal action against Greek Mythology”.
“However, from past experience, obtaining a court order and the management accounts from Greek Mythology will take at least nine months,” read the Hong Kong filing.
Last month saw the Macau Government Tourism Office temporarily close the Beijing Imperial Palace Hotel for at least six months due to serious administrative irregularities and a failure to carry out essential fire safety measures.
“The company has been observing the business operation of Greek Mythology until it was suspended for renovation,” read the statement from Amax International Holdings. “The board is of the view that no irregularity of the business operation of Greek Mythology has been found during this period.”