Frontier Capital Group moves into profit in 2019 on Clark casino re-launch - IAG
Saturday 29th February 2020
Australian-listed Frontier Capital Group (FCG) has reported a 1,000% increase in revenue to AU$28.8 million for the year ended 31 December 2019 following the mid-year relaunch of its Philippines casino operation in Clark.
Located inside the Stotsenberg Hotel, the former Casablanca Casino re-opened on 10 June 2019 under the new name FortuneGate Casino, having previously been forced to close in early 2017 after Philippines gaming regulator PAGCOR ordered a Php225 million escrow payment related to obligations of the former owner.
Having recorded a loss of AU$820,000 in 2018, FCG announced on Friday a profit of AU$2.14 million. Revenue for the year was comprised almost entirely from gaming, which contributed AU$27.75 million.
In previous announcements related to the company's casino operations, FCG revealed than entity called FortuneGate Holdings Philippines Inc was had been appointed as casino manager.