Palasino eyes online expansion with Malta gambling license

Far East Consortium said its gaming business, which recently rebranded as Palasino, obtained an online gambling licence in Malta this month.

The Hong Kong-listed company said the online business will help to attract more guests and will complement its land-based business. Palasino operates three casinos in the Czech Republic. 

Far East said revenue from its gaming business in the first half of the fiscal year soared 70.5 percent as all of its casinos were able to remain open. 

Revenue was approximately HK$147 million ($18.8 million). The properties were shut down for about two months in the first half of the prior year due to Covid. 

“The group’s gaming revenues have proven to be very resilient as the casinos have built a loyal customer base, returning enthusiastically each time COVID-19 restrictions were lifted,” Far East said in a release. “Equally important, the cost-cutting measures implemented during COVID-19 and still in place, have helped to improve the overall profitability.”

Palasino in a separate statement said the Malta Gaming Authority awarded it a type 1 casino license on Nov. 14th. It is now ready to proceed with its launch. 

Overall Far East reported a 3 percent decline in revenue for the interim period ending Sept. 30th to $3 billion.

The company, which is also involved in hotel and property operations, attributed the decline to fewer completions of residential property.