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Frontier Capital Group moves into profit in 2019 on Clark casino re-launch

by Newsdesk

Sat 29 Feb 2020 at 15:02

Frontier Capital Group moves into profit in 2019 on Clark casino re-launch

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Australian-listed Frontier Capital Group (FCG) has reported a 1,000% increase in revenue to AU$28.8 million for the year ended 31 December 2019 following the mid-year relaunch of its Philippines casino operation in Clark.

Located inside the Stotsenberg Hotel, the former Casablanca Casino re-opened on 10 June 2019 under the new name FortuneGate Casino, having previously been forced to close in early 2017 after Philippines gaming regulator PAGCOR ordered a Php225 million escrow payment related to obligations of the former owner.

Having recorded a loss of AU$820,000 in 2018, FCG announced on Friday a profit of AU$2.14 million. Revenue for the year was comprised almost entirely from gaming, which contributed AU$27.75 million.

In previous announcements related to the company’s casino operations, FCG revealed than entity called FortuneGate Holdings Philippines Inc was had been appointed as casino manager.

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Tags: Australia casino Clark FortuneGate Frontier Capital Group Gaming Hotel Stotsenberg PAGCOR Philippines

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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