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Hong Kong’s Far East Consortium considering potential spin-off of Czech gaming business

by Newsdesk

Mon 5 Jun 2023 at 05:33

Hong Kong’s Far East Consortium sees gaming revenues rise on re-opening of European casinos

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Hong Kong-listed Far East Consortium International says it is considering a potential spin-off and separate listing of its Czech gaming business.

While the company did not provide any reason as to why it was considering such a move, it confirmed via a Friday filing that it has been granted permission by the Hong Kong Stock Exchange to pursue the spin-off.

Far East Consortium’s Czech gaming business comprises three casinos and one ancillary hotel in the Czech Republic operating under the “PALASINO” brand, plus three hotels in Germany and a hotel in Austria. All are held under indirect wholly-owned subsidiary Trans World Hotels & Entertainment.

The company added, “There is no assurance that the potential spin-off will proceed or as to when it may take place.”

Far East, better known for its global property development interests, also owns a 4.99% stake in Australia’s Star Entertainment Group and is a 25% partner, alongside Chow Tai Fook (25%) and Star (50%), in the AU$3.6 billion Queen’s Wharf Brisbane integrated resort development, due to open in late 2023.

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Tags: casinos Czech Republic Far East Consortium Hong Kong spin-off Trans World Corp

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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