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Far East Consortium: 14 percent increase in gaming revenue, no mention of Queen’s Wharf Brisbane in fiscal 1H24 results

Hong Kong Stock Exchange-listed Far East Consortium (FEC) has announced a 14 percent increase in its gaming business revenue during the first half of its financial year, to HK$151 million ($19.33 million), based upon its operations from the group’s Palasino-branded casino operations – located in the Czech Republic.

The group is aiming to spin-off the gaming business under a separate listing on the Hong Kong Stock Exchange, which it filed for in September of this year, which would lower its stake in the business (also comprising hotels in the Czech Republic, Germany and Austria) from 90 percent to approximately 73.21 percent.

Far East Consortium, Palasino, Czech Republic, spin-off
Palasino Casino

Australian operations

Regarding the group’s 25 percent share in a joint venture with Australia’s The Star and Chow Tai Fook, the notes that it is expected to make a pre-tax gain of HK$58 million ($7.43 million) from the sale of the Sheraton Grand Mirage Resort on the Gold Coast.

The property is confirmed to have been sold in November, after it was put on the market in March. FEC notes that the final sale price was AU$192 million ($127.18 million).

The group is further planning the sale of two of its Ritz-Carlton hotels in Australia, having initiated the process in June of this year.

Far East Consortium, Ritz-Carlton-Melbourne
Ritz-Carlton Melbourne

Interestingly, the group makes no mention of the development of the Queen’s Wharf Brisbane project, which it also has a large holding in, in conjunction with its JV partners The Star and Chow Tai Fook. The property is expected to open in April of 2024.

Queens Wharf, Far East Consortium, Star Entertainment, Brisbane, Queensland
Queen’s Wharf Brisbane

Far East Consortium is a massive multi-national property developer, which saw revenue totaling HK$6.3 billion ($806.61 million) during the fiscal half-year, up 108 percent yearly.

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