The July settlement of a case involving the issuance of promissory notes amounting to HKD190 million ($24.30 million) added to losses for Amax International Holdings Limited, in the six months ended September 30.

The junket operator reported a net loss of HKD21.52 million ($2.75 million), a 54.7% increase from the loss during the corresponding period in 2017, of HKD13.92 million ($1.78 million).

“The Company has now fully resolved the long disputes in connection with the PNs and can avoid incurring further legal costs to continue the legal proceedings. The Company believes that with this uncertainty possibly removed, it shall have positive effect on the financial position and net asset value of the Company,” the report read.

Amax said that in the period of April to September, it had “made few steps forward in eliminating the adversity while fine-tuning the business structure of the Company so that there shall be a strong foundation for the Group to capture the growth opportunities in the gaming industry in Cambodia and other ASEAN areas.”