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Cairns casino on a roll but outlook remains 'challenging'

Business

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.

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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.

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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