Far East Consortium gaming revenue up 28% in FY23
The increase in gaming revenue was mainly attributed to the relaxation of Covid-19 restrictions.
Hong Kong.- Hong Kong’s Far East Consortium (FEC) has shared its financial results for the financial year that ended March 31. The company reported that revenue from its gaming investments rose by 28 per cent year-on-year to HK$296m (US$37.79m).
According to the company’s filing, the growth in gaming revenue was driven by the relaxation of Covid-19 restrictions, coupled with operational and marketing improvements and the return of loyal customers to casinos.
The company posted revenue of approximately HK$6.3bn in FY2023, an increase of 7.6 per cent as compared to the previous fiscal year. In the group’s hotel operations, revenues increased by 7.4 per cent year-on-year to approximately HK$1,509m.
Far East Consortium has shares in The Star Entertainment Group and 25 per cent of the Queens Wharf Brisbane integrated resort project. It also operates three casinos in the Czech Republic under the Palasino brand and obtained an online gaming licence in Malta last November. It operates a total of 560 slot machines and 59 tables, generating HK$200.4m and HK$75m in revenue, respectively.
Chris Hoong, managing director of FEC said: “Looking ahead, despite the recent rise in interest rates and inflation, which may lead to higher interest and operating expenses that could impact our operations and financial performance in the foreseeable future, the Group still remains cautiously optimistic.
“Our underlying businesses are on the upswing and are expected to each deliver a good revenue over the next 12 months. We are confident that our diverse portfolio and our dedication to sustainable growth strategies will enable us to navigate these headwinds effectively. We will strive to emerge stronger in the long run.”
