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Australia's Reef Casino Trust Hits Jackpot

21 May 2002

AUSTRALIA – As reported by the Australian Financial Review: "The Reef Casino Trust is readying to pay an interim distribution to unit holders after trade in its Cairns casino and hotel operations exceeded budget targets in this year's first quarter.

"Trust chairman Ben Mcdonald said that the distribution payouts would continue to be made on a tax-deferred basis.

"Speaking at RCT's annual general meeting in Cairns yesterday, Mr Mcdonald said the 2001 results were the strongest in the Trust's history, with a net profit of $8.2 million (US$4.6 million) recorded.

"…The Trust intends to capitalise on its healthy balance sheet to decrease its borrowings during 2002 from its current level of $30 million (US$16.7 million) to less than $23 million (US$12.8 million) by the end of the year.

"It has also earmarked $2.1 million (US$1.7 million) to remodel the complex's lobby level, which will be the focus of future entertainment events following the closure of the rooftop conservatory…"

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