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by Stockwatch Business Reporter

The TSX Venture Exchange gained 8.10 points to 757.69 Wednesday. Maple Peak Investments Inc. (MAP: $0.205), the capital pool shell of casino developer Lawrence Ho, has completed its qualifying transaction. It spent $2.5-million buying shares in the open market in two holding companies, both of which are controlled by Mr. Ho. On Jan. 31, 2016, the shell had $4.9-million in its coffers.

First, Maple Peak acquired $2,375,000 worth of shares in Melco International Development Ltd., which last closed at $7.54 (Hong Kong) on the Hong Kong Stock Exchange. Maple Peak now owns less than 1 per cent of Melco International's 1.54 billion shares issued. The target holds interests in gambling, leisure-related services (such as hotel catering) and property development. It controls 37.9 per cent of Mr. Ho's Nasdaq-listed Melco Crown Entertainment Ltd. (MPEL: $12.39 (U.S.)), which last October opened a $3.2-billion (U.S.) casino resort in Macau called Studio City. Unfortunately for Mr. Ho, Macau's casino industry is not making as much money as it used to. According to Macau's Gaming Inspection and Coordination Bureau, gross gaming sector revenue has fallen consistently, month over month, for two years now. In the first half of 2016, revenue was $104.64-billion (Hong Kong), down from $118.10-billion (Hong Kong) in the first half of 2015 and $187.46-billion (Hong Kong) in the first half of 2014. The government of Macau has been shifting its tourism focus away from gambling in the hope of attracting more non-gambling tourists. In addition, its efforts have been coinciding with the slowing of China's economy, resulting in fewer Chinese visitors to Macau. Maple Peak's first QT target, Melco International, has nearly halved from $14.40 (Hong Kong) a year ago.

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