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Reef Casino upgrades profits, valuations after booming six months

Business

Cairns’s Reef Casino Trust will scrape over the line for a full-year net profit and increase its dividends after a strong December quarter.

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The casino said it had a solid start to the second half of the year and trading was strong in the third quarter, despite the travel restrictions and lockdowns.

“Trust trading in the fourth quarter continued to be good with good rental income received from the Reef Hotel Casino. This has resulted in another good profit for the trust for the fourth quarter,” it said.

The trust said the outlook was still challenging but it would benefit from a valuation of the casino complex of $132 million, which exceeded its book value so $18.89 million in the normal asset impairments would be reversed.

Its second-half profit has been revised up from $8.5 million to $9.17 million and distribution to investors will increase from 8.54 cents to 9.76 cents.

Its full-year result before impairments would be $271,000 against a previous forecast loss of $66,000.

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