Far East Consortium posts full-year revenue of US$1.31bn

Gaming revenue was up 3 per cent year-on-year.

Hong Kong.- The Far East Consortium (FEC) has shared its financial results for its 2024 financial year. Revenue was up by 57.5 per cent year-on-year to HK$10.2bn (US$1.31bn). Gaming revenue was up 3 per cent at HK$402.4m (US$51.5m).

Hotel operations revenue increased by 31.2 per cent to HK$2bn (US$256m). Revenue from property development was HK$8bn (US$1.02bn), up 91.6 per cent.

The company stated: “The group’s gaming business has consistently shown signs of recovery and growth. Additionally, the Palasino Group reinstated its online gaming licence in Malta in November 2023 and has delineated plans for a soft launch of its service in Malta during FY2025.”

The company has started the handover of West Side Place (Towers 3 and 4) in Melbourne and Hyll on Holland in Singapore. For 2025, the company aims to launch The Pavilia Forest in Kai Tak, Hong Kong and 640 Bourke Street in Melbourne, Australia.

FEC is also working on the next phase of the Victoria North Masterplan in Manchester, UK, and a £300m mixed-use development project in Trafford, Greater Manchester.

The company said: “The gaming business under the Palasino Group presents numerous growth opportunities. Palasino Group has entered into a MOU with a strategic partner to explore additional operating prospects in May 2024.

“The online gaming licence in Malta has been reinstated and the impending soft launch of the online gaming services in FY2025. This is designed to attract a broader customer base. The forthcoming opening of Queen’s Wharf Brisbane in the second half of FY2025 is anticipated to be another robust source of cash flow.”

Far East Consortium has shares in The Star Entertainment Group and 25 per cent of the Queens Wharf Brisbane integrated resort project.