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Australia's Reef Casino Trust Enjoys Strong Start

17 August 2004

MELBOURNE, Australia – As reported by the Asia Pulse: "The Reef Casino Trust (ASX:RCT), which owns and leases the Reef casino and hotel complex in Cairns, said today it had had a good start to the second half of its financial year, after a $25.88 million (US$18.58 million) property revaluation helped it to a net interim profit of $32.28 million (US$23.09 million).

"The Trust also announced that Allan Tan had been appointed chief executive officer.

"…The Trust's bottom line was significantly boosted by a $25.88 million reversal of a writedown of investment property in the half.

"Taking this into account, the Trust's operating net profit for the six months to 30 June 2004 was $6.39 million - up 58 per cent.

" …[Trust chairman Ben Macdonald] said the interim result was attributable to the Reef Hotel Casino's effective management, and successful marketing and promotion.

"…Tha casino was attracting more Japanese patrons and there were signs of an emerging market from mainland China…"

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