Casino operator Greek Mythology is considering the distribution of a special dividend for the year to March, a move that could push its majority shareholder, A-Max Holdings, into the black for the first time since 2004. At a special general meeting yesterday, A-Max's minority shareholders approved the previously reported acquisition of another 30 per cent stake from Greek Mythology's founder, Ng Man-sun, raising A-Max's stake from 19.9 per cent to 49.9 per cent in the casino firm. Michael Chan King-ming, chairman of A-Max and vice-chairman of Greek Mythology, expects the special dividend to be distributed within two months in proportion to the 19.9 per cent the company owned before yesterday's meeting. Mr Ng, who owned 60.1 per cent of Greek Mythology, will receive new A-Max shares worth $601.9 million and 10-year promissory notes worth $1.45 billion. Upon completion of the share sale, Mr Ng will become the largest single shareholder in A-Max, raising his stake to 29.8 per cent from 9.68 per cent. Greek Mythology earned $318 million last year, according to company information, while A-Max lost $10.63 million in 2004 and $18.32 million in its financial year to March last year. This would be the second time that Greek Mythology paid a dividend to its shareholders, after handing out $1.94 million in April last year. 'Greek Mythology achieved a great performance during the Lunar New Year,' Mr Chan said. He said Greek Mythology had posted a net win - before deducting gaming tax and royalties to Sociedade de Jogos de Macau - of about $1.8 billion last year. 'Monthly revenues have been rising,' said Mr Chan, who believes that Macau's casino market has three more years before reaching saturation. With mega-gaming projects like Wynn Resort and Galaxy StarWorld trooping into Macau in the second half of this year, Mr Chan foresees tougher competition in the high-roller gambling market. Also yesterday, Greek Mythology launched its Greek Club programme to strengthen its hold on high-spending leisure gamers. Customers who purchase Greek Club chips of $30,000 or more will be eligible for admission to the club's premises, which will be within Greek Mythology's complex at New Century Hotel in Taipa. Ten gaming tables out of a total of 228 had been earmarked for the Greek Club programme, said Mr Chan. The club provides VIP-style entertainment-cum-gaming services, as well as 24-hour gourmet buffet and fine wines on the house.
