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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…"

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