The Hong Kong-based property developer Far East Consortium International will acquire the Nevada-incorporated hospitality and gaming company Trans World Corporation, which owns and operates five hotels in Germany, Austria and the Czech Republic and three American Chance Casinos in the Czech Republic, for $42 million. FEC will assume TWC debt, not to exceed $11.025 million, at closing.
FEC Managing Director Chris Hoong said, “We are very excited about the transaction. Trans World Corporation has the best in class casino assets in the region with strong growth track record and improving operating efficiency. The recent regulatory changes in Czech Republic have provided the group with further development opportunities. The acquisition of Trans World Corporation is another strategic development in the European market for FEC and we believe it will produce synergistic benefits with our hospitality business.” Hoong added along with expanding its hospitality portfolio in Europe, the transaction will allow TWC “to establish a gaming platform and will add an additional stream of steady recurring cash flow to the group.”
TWC holds gaming licenses allowing it to operate “live and technical games” in the three Czech Republic casinos. Each license is valid for three years from January 2, 2018.
The deal still requires the approval of the state of Nevada, where EC was established on February 7.
FEC also is an investor in a casino hotel project, Queen’s Wharf Brisbane, in Queensland, Australia through its subsidiary Far East Consortium (Australia) Pty Ltd.
