06/12/2005
A prospective AIM company wants to construct a casino on an island where gaming is currently illegal. The appropriately named Amazing Holdings hopes to raise £3 million for its Las Vegas-style resort on an island off Taiwan, which does not yet have a gaming licence.
Management ‘plan to work with the Taiwanese authorities to approve gaming’ on the Penghu Islands and intend to use the fundraising proceeds to fund the ‘considerable’ efforts necessary to secure a gaming licence.
Scottish founders Ian Irvin, formerly finance director of Magnum Power, and Taiwan-based ex-pat Tim Potter, have enlisted an experienced board, with casino luminary and former MGM Grand boss Larry Woolf taking the helm as chief executive.
A third Scot, David Mathewson, is chairman. Presently he occupies the same position at fully-listed gambling concern Sportech. He is confident of management’s ability to persuade the Taiwanese authorities to sanction gaming in the islands and, following this, secure a casino licence.
‘We anticipate significant progress on the project over the next 18 months,’ he prognosticates.
Las Vegas architects have drawn up plans for the £350 million hotel and casino development, to be positioned on ‘a prime 27-acre beach-fronted site’. Daniel Stewart is nominated adviser and JM Finn broker to the float, which will value the company at around £28 million.
The plans may seem familiar to backers of another AIM venture, Crescent Hydropolis, which raised £2.7 million in June at 40p to build underwater hotels.
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