AMZ gambles on casino plan

A LEISURE company based in the Isle of Man is seeking to build Taiwan’s first world class hotel and casino resort.

AIM-listed AMZ Holdings said it has gained approval from the Taiwanese authorities to develop the five-star resort at its 27-acre site on Penghu, a small island off Taiwan.

Casinos are illegal in Taiwan but the government is warming to the idea of permitting gaming on Penghu to attract investment and revitalise the islands.

AMZ said politicians in Taiwan were already working on the legislation that will make its plans possible.

Chairman David Mathewson said: “We are very encouraged by what we have achieved throughout the year and in the period following this, in particular gaining approval to develop our site into a world class resort.”

He added: “We are very encouraged by the legislative milestones achieved this past year.”

AMZ is planning a similar venture on the island of Palawan in the Phillipines.

The group narrowed its losses in the 12 months to May from £2.3m to £1.4m as it continued to invest in preparing its casino plans.