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Macau casino operator scraps Cambodia development plan

Thursday, Sept. 1, 2005 | 9:32 a.m.

Greek Mythology Entertainment Group, a Macau casino operator 20 percent owned by Hong Kong-listed A-Max Holdings Ltd., scrapped a $50 million plan to build a casino in Cambodia, South China Morning Post reported, citing Greek Mythology's Vice Chairman Michael Chan.

Greek Mythology scrapped its plan to build the casino resort in Poipet on the Thai border on fears that Thailand's imminent plan to legalize casino gaming would drain the project of Thai customers, the Hong Kong-based English language daily reported.

A-Max shares have plunged 81 percent this year after surging almost 700 percent in 2004 on the investment in Greek Mythology, which uses a license for gaming tycoon Stanley Ho to operate a casino in Macau, the only place in China were casinos are legal.

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