Asian hospitality and property development conglomerate Far East Consortium International Limited has announced the signing of a deal that will see it pay $42 million in order to purchase Eastern European casino operator Trans World Corporation.

Hong Kong-listed Far East Consortium International Limited explained that the Friday agreement will see Trans World Corporation become a subsidiary of its own FEC Overseas Investment (UK) Limited vehicle with the subordinate additionally set to assume up to $11 million of the casino operator’s existing debts.

Trans World Corporation currently operates five hotels in the Czech Republic, Austria and Germany and while also being responsible for a trio of American Chance Casinos-branded venues in the Czech border communities of Ceska Kubice, Dolni Dvoriste and Znojmo.

Chris Hoong, Managing Director for Far East Consortium International Limited, declared that he was ‘excited’ about the purchase of Trans World Corporation as it has ‘the best in class casino assets in the region with strong growth track records and improving operating efficiencies’ that are sure to bring in robust recurring cash-flows. He additionally proclaimed that ‘recent regulatory changes’ in the Czech Republic have provided Trans World Corporation with ‘further development opportunities’ subsequent to stating that the acquisition will moreover provide his firm’s existing hospitality businesses with ‘synergistic benefits’.

“Trans World Corporation will add five hotel properties and three casinos to the group’s portfolio and create good opportunities for the group to expand its hospitality offering in Europe,” read a Monday statement from Hoong. “The transaction will allow the group to establish a gaming platform and will add an additional stream of steady recurring cash-flow to the group.”