The Hong Kong spin-off and individual listing of Palasino Holdings Ltd, a European gaming and leisure corporation that is a subsidiary of Hong Kong-listed property developer Far East Consortium International, has in principle been approved by the Hong Kong Stock Exchange.
The information pack from Palacino Holdings, the near-final draft of the listing document, was released on Thursday.
Palacino Holdings operates three land casinos in the Czech Republic, one of which operates within the integrated resort. Most of the casino's operators are from nearby Austria and Germany, according to Information Pack. It also operates three hotels in Germany and one in Austria.
Palacino Holdings also holds a license issued by the Maltese Gaming Authority, which allows it to operate its online gaming business in its jurisdiction, the filing said.
The company plans to "soft launch" online games to players 18 and older based in Malta in the first half of this year, the Information Pack said. The company aims to expand its online gaming business to regulatory jurisdictions, including in "Central Europe."
The Far East consortium announced in late September that it had proposed a spin-off and separate listing of Palacino Holdings to the main board of the Hong Kong Stock Exchange.
The Far East consortium said in a September comment that completion of the step would allow it to provide Palacino with a "separate financing platform," better reflect Palacino's values and enhance "operational and financial transparency." 슬롯사이트
Palacino Holdings' net profit for the fiscal year ended March 31, 2023 was HK$44.2 million (US$5.65 million), compared with HK$40.1 million for the previous fiscal year.
Gaming was a major source of revenue for Palacino Holdings. The segment accounted for 70% of total revenue in the last three fiscal years ending March 31 and the six months ending Sept. 30, 2023.
The Far East Consortium, along with Hong Kong-based Chautai Phuk Group, is a strategic partner and financial supporter of Australian casino operator The Star Entertainment Group in its new casino resort project located in Queensland, Australia's capital, Brisbane.
