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Czech – Palasino showing ‘continuous growth with a loyal customer base’

By - 4 December 2023

Far East Consortium, who operates three casinos and one hotel in the Czech Republic, has reported a 14 per cent increase in revenue to HK$151m for the six months to September 30 2023.

The company, who operates three casinos under the Palasino brand, said slot machines generated the majority of its revenues adding that it had enjoyed ‘continuous growth, with a loyal customer base and consistent attendance. Performance of gaming operations has continued its growth trajectory, delivering satisfactory returns.’

It added: “The revenue from the Group’s gaming business rose by 14 per cent in 1H FY2024 year-on-year to approximately HK$151m. The group’s gaming business was branded under Palasino and has experienced recovery and continuous growth since the COVID-19 pandemic. In September 2023, Palasino Holdings Limited submitted the listing application form to the Stock Exchange of Hong Kong Limited to apply for the listing of and permission to deal in the share(s) in the share capital of Palasino on the Main Board of the Stock Exchange. Upon the intended reorganisation for the intended listing, Palasino will become the holding company of the group’s gaming business in the Czech Republic and hotel business in the Czech Republic, Germany and Austria (including hotels under the Trans World Corporation brand) (Palasino Group). The Group currently has a 90 per cent shareholding in Palasino Group and a pre-IPO investor holds a 10 per cent stake. Upon completion of the spin-off and listing of Palasino (assuming the preferential offering are fully taken up by qualifying shareholders and the over-allotment option is not exercised), the Group will hold approximately 73.21 per cent stake in Palasino.”

The company did not produce any income from its 2.81 per cent stake in Australia’s Star Entertainment Group.

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