VIP Rolling Chip Turnover is used by casinos to measure the volume of VIP business transacted and represents the aggregate amount of bets players make. Bets are wagered with “non-negotiable chips” and winning bets are paid out by casinos in so-called “cash” chips. “Non-negotiable chips” are specifically designed for VIP players to allow casinos to calculate the commission payable to junket operators. Junket commissions are paid based on the total amount of “non-negotiable chips” purchased by each player. Junkets therefore require the players to “roll,” from time to time, their “cash chips” into “non-negotiable” chips for further betting so that they may receive their commissions (hence the term “Rolling Chip Turnover”).

AMA International Limited (AMA), a gaming intermediary aggregating the junket business of junket operators and refers such business to casinos. AMA receives commissions from these casinos based on VIP rolling chip turnover. It in turn pays a commission rate ranging between 0.90% and 1.21% to its collaborators. A-Max Holdings Limited, listed on the Main Board of the Hong Kong Stock Exchange with a market capitalisation of approximately HK$2 billion, is principally engaged in gaming and entertainment business in Macau. A-Max conducts its casino operation in Macau via its 49.9%-owned Greek Methodology Macau Entertainment Group Corporation Limited and late in 2007 entered into gaming promotion business in Macau via AMA, in which it has an indirect 80% interest. The gaming promotion operation is expected to emerge as the company’s primary source of earnings.

Today A-Max announced that rolling chip volume generated by AMA amounted to HK$43 billion (unaudited) in May 2008, the highest monthly volume achieved since A-Max entered the gaming promotion business in Macau through AMA. May represents the fifth consecutive month that the Company has exceeded HK$40 billion (unaudited) rolling chip volume. Mr. Ted Chan, Chief Executive Officer of A-Max, said, “The Company is consistently meeting our objectives in delivering strong monthly rolling chip volumes since effecting our junket aggregation business model. In each of the first five months of 2008 we have delivered monthly rolling chip volumes of at least HK$40 billion while also demonstrating an ability to grow monthly volumes during this time.”

He added, “VIP play continues to be a significant growth driver for the Macau gaming market, and the Company’s success in targeting VIP players to deliver sustainable high rolling chip volumes is creating value for our partners and shareholders. With the strong success of our model and business plan during the first five months of operation, we expect Crown Macau to allocate additional gaming tables to the VIP market and AMA will service this expanded capacity through our exclusive Gaming Promotion agreement.”

Late in 2007 A-Max entered the gaming promotion business in Macau through AMA, whose business model differs from that of other junket operators in Macau. Instead of working directly with junkets and/or gaming customers, AMA aggregates the business of junket operators to whom commissions of 0.9% to 1.21% of rolling chip volume are payable. Talks continue between the government and gaming interests regarding the potential for new gaming regulations in Macau, including reviews of VIP commission structures. Ted Chan commented, “We believe A-Max, our partners and the Macau gaming market will benefit from any additional clarity that will result from these efforts.” (E-06.03.08)

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