Far East closes deal for European casino biz

May 02, 2018 Newsdesk Latest News, Top of the deck, World  

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Hong Kong-listed property developer Far East Consortium International Ltd announced on Tuesday the completion of a merger deal that allowed the company to acquire a firm with gaming business in the Czech Republic, and which also has hospitality businesses in that country, in Germany and Austria.

The target is a company identified as Trans World Corp, according to a March filing from Far East Consortium. Trans World Corp is a Nevada-incorporated firm said to own and operate two four-star hotels and one three-star hotel in Germany; one four-star hotel in Austria; and one four-star hotel in the Czech Republic.

In addition, Trans World Corp owns and operates three casinos in the Czech Republic – all under the registered brand “American Chance Casinos”, with one of them situated next to the hotel that the group operates in that country.

The specific amount of the acquisition was not disclosed in Tuesday’s filing. But Far East Consortium had mentioned in its filing in March that the consideration of the deal “shall not exceed US$42 million”, save for any adjustments for “dissenting” shareholders.

Far East Consortium also has interests in gaming-related investments in Australia.

The Hong Kong-listed firm has completed the subscription of a 4.99 percent stake in Australian casino company The Star Entertainment Group Ltd, according to an April 16 filing. Far East Consortium and Hong Kong’s Chow Tai Fook Group each acquired a 4.99 percent stake in The Star Entertainment, for which the latter said was an aggregate consideration of AUD490 million (US$375.5 million).

Both Hong Kong firms are already linked to The Star Entertainment via a new casino project at Queen’s Wharf in Brisbane, the capital of Queensland, Australia.

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