Hong Kong Stock Exchange-listed property giant Far East Consortium has announced a 28 percent yearly increase in its gaming revenue during the financial year that ended March 31st, totaling HK$296 million ($37.79 million).
In a Thursday filing, the group noted that this was driven by ‘the relaxation of COVID-19 restrictions, coupled with operational and marketing improvements, and return of loyal customers to the casinos each time COVID-19 restrictions loosened,’ alongside ‘remarkable resilience’ overall.
The group operates three casinos in the Czech Republic under the Palasino brand, and obtained an online gaming license in Malta in November of last year. It currently operates some 560 slot machines and 59 tables, with revenue from each segment totaling HK$200.4 million and HK$75 million, during the period, respectively.
The group also holds a 4.98 percent equity stake in Australian casino operator The Star. The Star, Far East and Chow Tai Fook are currently developing the Queen’s Wharf Brisbane project, with FE holding 25 percent of the integrated resort. The project will encompass ‘three world-class hotels, high-end gaming facilities with VIP rooms, food and beverage outlets and more than 6,000 square meters of retail and eatery space’.
The group reiterated its expectations that the QWB project’s first stage will be ‘completed and opened in FY2024’.
The group also noted that the joint venture between the three companies ‘signed an agreement to sell Sheraton Grand Mirage Resort’, on the Gold Coast, for AU$192 million.