Search News Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Related Links

Reef Casino Back in the Black

24 February 2004

AUSTRALIA – As reported by the Sydney Morning Herald: "Amid the takeover bids for TAB by both UNiTAB and Tabcorp comes the release of an improved profit result from the once-troubled Reef Casino Trust, owner of the main casino in Cairns.

"For the year ending December 31, 2003, Reef unveiled a net profit of $11.1 million (US$8.66 million), a 33 per cent rise on the previous year's net profit of $8.4 million (US$6.5 million).

"The better performance led to a final distribution of 7.25c per unit on a tax deferred basis and, with the interim distribution of 6c, delivers total distribution for 2003 of 13.25c, up 8 per cent on the previous year.

"…In 1999, Reef Casino underwent a major recapitalisation program after a series of problems which started in 1997 with debts of about $100 million.

"Accor took over the management of the hotel and has worked hard to redefine the area's appeal to domestic and international tourists…"

< Gaming News