Hong Kong’s Far East Consortium sees gaming revenue rise 4.6% in FY20

Advertisement

BEGIN ARTICLE PREVIEW:

Hong Kong property development and hotel management giant Far East Consortium saw a 4.6% increase in revenue from gaming operations for the year ended 31 March 2020, boosted by the first full year of contribution following the 2018 acquisition of European casino operator Trans World Corporation (TWC).
FEC reported a 4.6% increase in revenue from gaming to HK$271 million for the year, with TWC – which owns and operates three casinos in Austria – booking 13.1% revenue growth to HK$222.7 million.
The remaining HK$48.6 million came from FEC’s 4.99% stake in Australia’s Star Entertainment Group, representing a 22.2% year-on-year decline due to a decrease in final dividend declared by The Star.
FEC acquired its stake in March 2018 as part of a three-way strategic alliance with Star and fellow Hong Kong investor Chow Tai Fook Group, with the trio currently developing the AU$3.6 billion Queen’s Wharf in Brisbane as well as expanding The Star Sydney and The Star Gold Coast.
While COVID-19 has impacted both its European and Australian casino interests, FEC said it remains confident of its long-term prospects – particularly as it relates to cross-selling to the company’s existing database, which includes clients from the 31 hotels it operates globally.
Pointing to TWC, FEC said, “TWC’s …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE