Proposals for the Hong Kong division and individual listing of European gaming and leisure company Palacino Holdings, a subsidiary of Far East Consortium International, a Hong Kong-listed real estate developer, have been approved in principle by the Hong Kong Stock Exchange.
So-called post-hearing information pack for Palasino Holdings – a near-final draft of the listing document was released on Thursday.
Palasino Holdings operates three land casinos in the Czech Republic, one of which is located within an integrated resort. The athletes at the venue are mostly from neighboring Austria and Germany, according to the information pack. The company also operates three hotels in Germany and one in Austria.
Palacino Holdings also has a license issued by the Malta Gaming Authority, which allows it to operate its online gaming business in the region, the filing said.
The company plans to “soft-launch” online games to players over the age of 18 based in Malta during the first half of this year, the information pack said. The company aims to expand its online gaming business to regulated countries, including “Central Europe”.
The Far East consortium announced in late September that it had proposed a split and separate listing of Palacino Holdings on the Hong Kong Exchange’s motherboard.
Completing the phase would provide Palacino with a “separate financing platform,” better reflect value and improve “operational and financial transparency,” the Far East consortium said in a September commentary.
Palasino Holdings’ net income for the fiscal year ended March 31, 2023 was HK$44.2 million (US$5.65 million), compared to HK$40.1 million in the prior fiscal year.
Gaming has been the main source of revenue for Palasino Holdings. The segment accounted for 70% of total revenue in the past three fiscal years ending March 31 and the six months to September 30, 2023.
The Far East Consortium, along with Hong Kong-based Chow Tai Fook Group, is a strategic partner and financial supporter of Australian casino operator The Star Entertainment Group Ltd. It is working on a new casino resort project in Queenswarp, located in Brisbane, the capital of Queensland, Australia.
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