Thursday, June 30, 2022

Frontier Capital reports half-year losses

In an ASX filing, the Frontier Capital Group has reported losses of A$4.6 million for the January-June 2019 period.

The review of operations noted that the company received more than A$1.3 million in March as the final portion of the refund of its deposit paid for its failed bid to acquire the Mongolian National Lottery.

Those funds allowed Frontier Capital to reopen the FortuneGate Casino (formerly the Casablanca Casino) within the Hotel Stotsenberg in the Clark Freeport Zone, Philippines, on July 28.

This casino had been ordered to close by Pagcor in early 2017 after failing to meet escrow payments of some A$6.5 million, though the 239-room hotel was permitted to continue operations throughout the period.

Frontier Capital made the Stotsenberg Leisure Park and Hotel Corporation, including the hotel and casino, a wholly-owned subsidiary in a November 2015 deal.

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