The increase in gaming revenue was mainly attributed to the relaxation of Covid-19 restrictions.<\/p>\n\n\n\n\n\n\n\n
Hong Kong.- Hong Kong\u2019s Far East Consortium<\/strong> (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 <\/strong>(US$37.79m).<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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\u2019s hotel operations, revenues increased by 7.4 per cent year-on-year to approximately HK$1,509m.<\/p>\n\n\n\n Far East Consortium has shares in The Star Entertainment Group<\/a> and 25 per cent of the Queens Wharf Brisbane integrated resort project<\/a>. 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.<\/p>\n\n\n\n Chris Hoong<\/strong>, managing director of FEC said: \u201cLooking 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. <\/p>\n\n\n\n “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.” <\/p>\n","protected":false},"excerpt":{"rendered":" The increase in gaming revenue was mainly attributed to the relaxation of Covid-19 restrictions.<\/p>\n","protected":false},"author":176,"featured_media":32940,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Far East Consortium (FEC) reported a 28% year-on-year increase in gaming revenue to HK$296m for FY2023, primarily driven by the relaxation of Covid-19 restrictions and operational enhancements. The diversified conglomerate, with interests in The Star Entertainment Group and Queens Wharf Brisbane, also secured an online gaming license in Malta, signaling strategic expansion despite macroeconomic headwinds.","focusai_entities":"Far East Consortium, FEC, The Star Entertainment Group, Queens Wharf Brisbane, Palasino, Chris Hoong","focusai_location":"Hong Kong, Czech Republic, Malta, Brisbane, Australia","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), marketing_crm (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Malta Online Strategy","query":"What specific gaming verticals and market segments will Far East Consortium target with its newly acquired Malta online gaming license, and what is the projected NGR contribution?"},{"label":"Capital Allocation Strategy","query":"How will Far East Consortium's capital allocation strategy balance further investment in integrated resort projects like Queens Wharf Brisbane against expansion in its European land-based and new online gaming operations, particularly given rising interest rates?"}],"footnotes":""},"categories":[16338,163],"tags":[],"class_list":["post-777006744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777006744"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006744\/revisions"}],"predecessor-version":[{"id":777006772,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006744\/revisions\/777006772"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/32940"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777006744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777006744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777006744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}