Hong Kong’s Far East Consortium granted Malta online gaming license as Europe casino revenues rise

Hong Kong’s Far East Consortium International Ltd says it has been granted an online gaming license in Malta as it looks to expand its gaming interests in Europe.

The update formed part of the company’s interim results announcement for the six months to 30 September 2022, which saw revenue from gaming operations increase by 70.5% year-on-year to HK$147 million (US$18.8 million).

Far East operates three casinos in the Czech Republic under its wholly-owned subsidiary Trans World Corporation (TWC) – all located along the borders with Germany and Austria. The three casinos were rebranded as “PALASINIO” earlier this year.

It also owns a 4.99% stake in Australia’s Star Entertainment Group and is a 25% partner, alongside Chow Tai Fook (25%) and Star (50%) in the AU$3.6 billion Queen’s Wharf Brisbane integrated resort development, due to open in 2023.

While information on its online gaming ambitions is limited, Far East said TWC had been granted an online casino license in Malta “to offer its services to more guests.”

This comes after gaming revenue climbed due to the reopening of its three casinos in mid-2021. As a result, table games revenue climbed from HK$19 million (US$2.4 million) in 1H22 to HK$35 million (US$4.5 million) while table games revenue increases from HK$54 million (US$6.9 million) to HK$89 million (US$11.4 million).

The group did not receive a dividend in relation to its 4.99% stake in The Star Entertainment Group.

Group-wide, Far East – whose main business is property development – reported a 3.0% decrease in revenues to HK$3 billion (US$384 million) in 1H23 with profit down 46.7% to HK$571 million (US$73 million) due to “less residential property development [being] completed and settled compared with the same period last year.”