Operator News
Czech – Far East to spin-off and float Palasino casinos and hotels
By Phil - 29 September 2023
Far East Consortium International has got the green light from the Hong Kong Stock Exchange to separate its Czech casino assets, Palasino Holdings, from the rest of the company and float it on the Hong Kong Stock Exchange.
In a filing, Far East said it would be a global offering, made up of a Hong Kong Public Offering and an International Offering. Far East would retain at least a 50 per cent stake in Palasino, which would remain a subsidiary of the company.
It bought the assests in 2018 from Trans World Hotels & Entertainment when they were operating under the American Chance brand. Palasino operates three casinos; Excalibur City, Wullowitz and Furth im Wald along with anothe hotel in the Czech Republic, three hotels in Germany and a hotel in Austria.
Far East said the move would offer ‘flexibility and a separate fund-raising platform for the Spin-off Group in raising future funds from the capital markets to support its growth’ and would ‘better reflect the value of the Spin-off Group on its own merits.’
