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Palasino Holdings Ltd’s spinoff, listing in HK granted initial approval

March 18, 2024 Casino & HotelIndustry Updates

The Hong Kong Stock Exchange has given its initial approval for the spinoff and independent listing of Palasino Holdings Ltd., a European gaming and leisure company and subsidiary of Far East Consortium International Ltd., a Hong Kong-listed property developer.

Palasino Holdings, which operates three land-based casinos in the Czech Republic, including one within an integrated resort, has published a nearly final listing document in a post-hearing information pack. The majority of players at these casinos come from neighboring countries such as Austria and Germany. Additionally, the company operates hotels in Germany and Austria and holds a license from the Malta Gambling Authority for online gambling operations.

The company plans to conduct a soft launch of online gambling in Malta for players over 18 in the first half of the year and aims to expand its online gambling business into regulated markets, particularly in Central Europe.

Far East Consortium announced in September its intention to split Palasino Holdings and list it on the main board of the Hong Kong Stock Exchange. The move is expected to provide Palasino with a unique financing platform, improved communication of its value, and enhanced operational and financial transparency.

Palasino Holdings reported a net profit of HKD44.2 million (US$5.65 million) for the fiscal year ending March 31, 2023, up from HKD40.1 million the previous year. Gaming constitutes the majority of its revenue, accounting for 70% over the three fiscal years ending March 31, 2023, and the six months leading up to September 30, 2023.

Far East Consortium, in collaboration with Hong Kong’s Chow Tai Fook Group, is a significant financial sponsor and investor in the Australian casino operator The Star Entertainment Group Ltd. They are currently involved in constructing a new casino resort project near Queen’s Wharf in Brisbane, Australia.

Original story by: GGRAsia

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