Hong Kong-listed property developer Far East Consortium International Ltd wants to acquire a firm with gaming business in the Czech Republic, and which also has hospitality business there and in Germany and Austria, according to Monday filing by the suitor.
The target is Trans World Corp, a Nevada-incorporated firm currently said to own and operate two four-star hotels and one three-star hotel in Germany; one four-star hotel in Austria; and one four-star hotel in the Czech Republic. In addition, Trans World Corp owns and operates three casinos in the Czech Republic – all under the registered brand “American Chance Casinos” (pictured), with one of them situated next to the hotel that the group operates in that country.
According to the suitor, Trans World Corp has gaming licences entitling it to operate “live and technical games” in three casinos respectively in the Czech Republic. Each licence is valid for three years from January 2, 2018, according to the filing.
The consideration “shall not exceed US$42 million” save for any adjustments for “dissenting” shareholders, the Monday filing stated. The deal will be paid for by FEC Overseas Investment (UK) Ltd, an indirect wholly-owned subsidiary of Far East Consortium International.
The deal needs to be approved by the State of Nevada, where the purchasing vehicle, FEC Investment (US) Ltd, was set up on February 7, the regulatory announcement said.
In the Monday filing, Far East Consortium International said the acquisition of Trans World Corp “would add some of the best casino assets in the region” to the group, as well as providing an “additional stream of steady recurring cash flows and profits”.
Far East Consortium International is also an investor in a casino hotel scheme in Queensland, Australia. Australian casino operator Star Entertainment Group was granted in October a casino licence for Queen’s Wharf Brisbane, in Queensland’s state capital. The investors in that casino resort project include Hong Kong-based Chow Tai Fook Enterprises Ltd and Far East Consortium (Australia) Pty Ltd, a unit of Far East Consortium International Ltd.
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"The ICAC in Hong Kong has the authority to detain people or to arrest people. But being detained or arrested – and actually being charged – are completely different things"
Japanese gaming entrepreneur