Asian hospitality and property development conglomerate Far East Consortium International Limited has reportedly announced that its revenues from gaming for the twelve months to the end of March rose by 4.6% year-on-year to hit approximately $34.96 million.
According to a Wednesday report from Inside Asian Gaming, the Hong Kong-listed firm revealed that just over 82% of these returns at about $28.73 million had been booked by its European casino-operating Trans World Corporation subordinate, which it purchased as part of a $42 million deal in May of 2018.
Trans World Corporation is responsible for casinos in the Czech border communities of Ceska Kubice, Dolni Dvoriste and Znojmo with its most recent annual gaming revenues having equated to a comparable boost of 13.1%.
Far East Consortium International Limited reportedly moreover detailed that the balance of its revenues from gaming for the twelve-month period at almost $6.27 million had come from the 4.99% stake it holds in Australian casino operator The Star Entertainment Group Limited. The source went on to explain that this Sydney-listed firm runs The Star Sydney as well as southern Queensland’s The Star Gold Coast venues and that its most recent annual contribution had represented a decline of about 22.2% year-on-year.
It was furthermore reported that Far East Consortium International Limited is currently working with The Star Entertainment Group Limited and fellow Hong Kong-headquartered concern Chow Tai Fook Enterprises Limited on a $2.49 billion scheme to bring a new five-star resort casino to Brisbane. This substantial endeavor for the third most populous city in Australia broke ground in March of 2018 and remains on track to be completed in a little over two years’ time complete with a 1,100-room hotel.
Far East Consortium International Limited reportedly announced that its Trans World Corporation concern ‘continued to perform well’ throughout the twelve-month period and had additionally benefitted from a range of synergies encompassing ‘cross-selling opportunities, improvements in gaming machines and the introduction of new table games.’
Reportedly read a statement from Far East Consortium International Limited…
“The three Trans World Corporation casinos were forced to close in mid-March due to the coronavirus outbreak but were re-opened in early-June. We believe in the aforesaid efforts to generate positive results upon the relaxing of the coronavirus-related restrictions and the recovery of the economic environment.”