Gaming revenue was up 3 per cent year-on-year.<\/p>\n\n\n\n\n\n\n\n
Hong Kong.- The\u00a0Far East Consortium (FEC) has shared its financial results for its 2024 financial year. Revenue was up by 57.5 per cent year-on-year<\/a> to\u00a0HK$10.2bn (US$1.31bn). Gaming revenue was up 3 per cent at HK$402.4m (US$51.5m).<\/p>\n\n\n\n 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. <\/p>\n\n\n\n The company stated: “The group\u2019s 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.”<\/p>\n\n\n\n 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.<\/p>\n\n\n\n FEC is also working on the next phase of the Victoria North Masterplan in Manchester, UK, and a \u00a3300m mixed-use development project in Trafford, Greater Manchester.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n “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\u2019s Wharf Brisbane in the second half of FY2025 is anticipated to be another robust source of cash flow.”<\/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>. <\/p>\n","protected":false},"excerpt":{"rendered":" Gaming revenue was up 3 per cent year-on-year.<\/p>\n","protected":false},"author":176,"featured_media":32939,"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 reported a 57.5% year-on-year revenue increase to HK$10.2bn for FY2024, with gaming revenue specifically up 3% to HK$402.4m. The company's Palasino Group reinstated its online gaming licence in Malta, planning a soft launch in FY2025, and entered an MOU for further gaming expansion, alongside anticipating cash flow from the Queen\u2019s Wharf Brisbane integrated resort.","focusai_entities":"Far East Consortium, FEC, Palasino Group, The Star Entertainment Group","focusai_location":"Hong Kong, Malta, Melbourne, Singapore, Manchester, Trafford, Brisbane, Australia, UK","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.75), operator_casino (0.85), marketing_crm (0.7), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Malta Online Strategy","query":"What specific market segments will the Palasino Group target with its Malta online gaming soft launch, and what is the projected GGR contribution for FY2025?"},{"label":"Brisbane IR Impact","query":"How will the Queen's Wharf Brisbane integrated resort's opening in H2 FY2025 impact FEC's NGR and overall EBITDA, considering its 25% stake and the current market conditions for IRs?"}],"footnotes":""},"categories":[16338,163],"tags":[],"class_list":["post-777016860","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\/777016860","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=777016860"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016860\/revisions"}],"predecessor-version":[{"id":777016873,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016860\/revisions\/777016873"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/32939"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777016860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777016860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777016860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}