Frontier Capital Group (FCG) shareholders will vote later this week on a proposal to acquire Stotsenberg, an established hotel and casino operating in Clark, Philippines, as well as to rename itself as Fortune Crown Group Limited.
On completion of the acquisition, the nature of FCG’s business will change to a gaming company with a focus on the Asia-Pacific gaming and hospitality market and will wholly own Stotsenberg Leisure Park and Hotel Corporation, which consists of Stotsenberg Hotel and Casablanca Casino, according to William Wilkinson, Director of FCG.
The company announced to the ASX back on Nov. 6, 2015 that the company had agreed, subject to shareholder approval and some other conditions, to acquire the entire issued capital of Stotsenberg in return for the issue of 154,050,000 shares.
The firm’s shareholders will discuss the acquisition of Stotsenberg Leisure and Hotel at a general meeting to be held on Jan. 21.
The Stotsenberg Hotel consists of 3 story buildings with 239 hotel rooms. Outlets include restaurants and bars, and additional facilities include a convention center that is able to accommodate 650 – 2000 people. The Casablanca Casino operates from the Stotsenberg Hotel, and both are managed and operates by E!cite Gaming and Entertainment Inc.
According to a report from Alpha Securities Pty Ltd, FCG is is likely to introduce live telephone betting at the casino property.
“While citizens of Philippines are not allowed to participate in proxy betting, it is allowed out of Philippines,” said Alpha Securities.