Australia – An Australian casino investment firm; Frontier Capital Group Limited, has today reported a huge boost in both revenue and profit for the entire year of 2019.
According to reports, the company, who’s notable acquisition includes Stotsenberg Leisure & Hotel Corporation, posted a net profit of almost one and a half million dollars for the 12 months in 2019, up considerably from a net loss of around $540k in 2018.
What’s more is, Frontier Capital Group Limited took almost 20 million dollars in revenue compared with just under 2 million the previous year.
The firm owns Casablanca Casino, which operates from the Stotsenberg Hotel, and reportedly took more than 95% of the revenue posted from gaming activities.
Casablanca Casino features more than 35 gaming tables, almost 200 slot machines and two luxury VIP rooms. The establishment is currently managed by E!xcite Gaming and Entertainment, which provide full and comprehensive advisory, development and business management services for Casino and Integrated Resort Owners and have provided a 5-year profit guarantee of $5 million per year.
The firm stated:
“The increase in profit was mainly due to reopening of casino business late in 2019 in Philippines. Since the recommencement of operations of the casino, Frontier Capital has seen strong revenues sufficient to meet its financial obligations and provide a strong platform for growth.”
The news comes some three years after business operations at Casablanca Casino had been suspended due to failing compliance regulations. It has since operated a robust business model and currently shows steady growth over the last 15 months. However, given its location, it is not yet clear whether the gaming activities will be negatively impacted by the coronavirus outbreak. Reportedly, the extent of the outbreak is being monitored but the extent is not yet known.