The company attributes this drop in revenue to less residential property development being completed and settled compared to the same period last year.
However, Far East Consortium notes that it received AU$91m (US$61.3m) in revenue from The Star Entertainment, which contributed to a share of results from joint ventures up 13% year-on-year at HK$3.5bn. Far East Consortium owns a 4.99% stake in The Star.
The company adds its fall in revenue was negated by improved performance from its core businesses.
Most interestingly, Far East Consortium’s H1 report reveals it recently obtained an online gaming licence from Malta in November 2022.
This was attained through its Palasino set of casino destinations – a Czech Republic-based set of resorts situated on the borders of Austria and Germany.
Far East Consortium says being granted a licence from Malta will help in its effort to attract more guests to its casinos, complementing its existing offline gaming offering.
Revenue from Palasino rose 71% for H1 2023 to HK$147m, with all casinos staying open in the period, as opposed to the prior-year period when these locations were forced to close for some time owing to the Covid-19 pandemic.
H1 2023 also saw the company oversee the handover of several land plots in Melbourne. It's expected that Far East Consortium will use this land for the construction of more hotels.
