Far East Consortium casino biz Europe nearer to HK listing

Mar 15, 2024 Newsdesk Latest News, Top of the deck, World  

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A proposed spinoff and individual listing in Hong Kong, of European gaming and leisure entity Palasino Holdings Ltd – a subsidiary of Hong Kong-listed property developer Far East Consortium International Ltd – has been approved in principle by the bourse there.

A so-called post-hearing information pack for Palasino Holdings – a near-final draft for a listing document – was published on Thursday.

Palasino Holdings runs three land-based casinos in the Czech Republic, one of them within an integrated resort. The venues’ players are mostly from neighbouring Austria and Germany, according to the information pack. The company also operates three hotels in Germany, and one hotel in Austria.

Palasino Holdings additionally has a licence issued by the Malta Gaming Authority that allows the company to run online gaming business in that jurisdiction, the document stated.

The company intended a “soft launch” of online gaming to players over the age of 18 located in Malta, during the first half of this year, said the information pack. The company aims to expand its online gaming business to regulated jurisdictions, including ones “in central Europe”.

Far East Consortium had in late September announced the proposed spin-off and separate listing of Palasino Holdings on the Hong Kong bourse’s main board.

Completion of the step would provide a “separate fund-raising platform” for Palasino, better reflect its value, and enhance its “operational and financial transparency”, said Far East Consortium in its September commentary.

Palasino Holdings’ net profit for the financial year ended March 31, 2023, was HKD44.2 million (US$5.65 million), compared to HKD40.1 million for the prior financial year.

Gaming has been the major revenue source of Palasino Holdings. The segment accounted for 70 percent of its total revenue for the previous three financial years ending March 31, and for the six months to September 30, 2023.

Far East Consortium is a strategic partner and financial backer – along with Hong Kong-based Chow Tai Fook Group – to Australian casino operator The Star Entertainment Group Ltd in its new casino resort project at Queen’s Wharf in Brisbane, the capital of Queensland, Australia.

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