Operator News
Hong Kong – Far East Consortium to acquire Trans World Corporation
By Lewis - 5 March 2018
The owners of American Chance Casinos, Trans World Corporation (TWC), which also owns hotels in Germany and Austria, is to be acquired by Hong Kong-based consortium, Far East Consortium International (FECI). FEC will pay up to US$42m (HK$327.6m) and will assume TWC’s net debt at closing (not exceeding $11.025m) for the acquisition. TWC, together with its subsidiaries, primarily engages in the hospitality and gaming business and currently owns and operates a portfolio of five hotels in Germany, Austria and the Czech Republic, and three full-services casinos in the Czech Republic under the registered brand American Chance Casinos featuring gaming tables and slot machines.
Chris Hoong, Managing Director of FEC said: “We are very excited about the transaction. Trans World Corporation has the best in class casino assets in the region with strong growth track record and improving operating efficiency. The recent regulatory changes in Czech Republic have provided the Group with further development opportunities.
“The acquisition of Trans World Corporation is another strategic development in the European market for FEC and we believe it will produce synergistic benefits with our hospitality business,” said Mr. Hoong. “Trans World Corporation would add five hotel properties and three casinos to the Group’s portfolio and create good opportunities for the Group to expand its hospitality offering in Europe. The transaction will allow the Group to establish a gaming platform and will add an additional stream of steady recurring cash flow to the Group.”
