Hong Kong property giant Far East Consortium (FEC) has reported revenue from gaming operations of HK$259.3 million (US$33.2 million) for the 12 months to 31 March 2019 – the first year in which it has generated income from the segment. Segment profit for the year was HK$72.0 million (US$9.2 million).
The revenue figure includes HK$196.9 million from its European operations following the April 2018 acquisition of Trans World Corp, which owns and operates three casinos in the Czech Republic bordering Germany and Austria.
The remaining HK$62.4 million represents FEC’s dividend from its investment in Star Entertainment Group following the acquisition of a 4.99% stake in March last year. Star Entertainment Group operates The Star Sydney and The Star Gold Coast, and is developing the AU$3.2 billion Queen’s Wharf project in Brisbane.
FEC’s property development arm is also interested in residential tower developments at both The Star Gold Coast and Queen’s Wharf Brisbane with the company stating that the combined attributable Gross Development Value of these assets was expected to be around HK$7.36 billion (US$941 million).
FEC group revenue for FY19 across all segments grew 17.3% to HK$6.84 billion with net profit attributable to shareholders of the company rising 8.6% to HK$1.71 billion. The company has recommended a final dividend of HK$0.18 cents.
