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Cairns casino on a roll but outlook remains ‘challenging’

The Cairns casino has had a booming pandemic with its second-half profits expected to jump more than 60 per cent to $8.5 million.

Dec 07, 2020, updated Dec 07, 2020
Cairns casino had a strong second half of the year. (Photo: Supplied)

Cairns casino had a strong second half of the year. (Photo: Supplied)

But the impact of the lockdowns earlier in the year would mean a full-year result was likely to still be a loss of about $66,000.

The casino, owned by the Reef Casino Trust, also said its unitholders would likely receive a distribution of 8.5 cents a unit, which would total half the estimated profit.

The trust said it had a solid second half of the year and a particularly strong third quarter, but the outlook was still too uncertain to predict what would occur next year.

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It said the economic trading conditions in Cairns remained “challenging”.

The earnings benefitted from the strong rental income paid by the Reef Casino and was assisted by $2.4 million from the Federal Government’s JobKeeper subsidy.

The casino was closed between March 23 and July 2 under the orders of the State Government when COVID-19 restrictions were put in place.

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