The Australian casino went through renovations that will be reflected on this year’s profits.
Australia.- The Reef Hotel Casino located in Cairns, Australia, announced that they will experience a drop in revenues after they went through renovations. The casino reported a distributable profit of US$12 million during 2016, a US$3 million drop from the US$15 million registered last year.
The owner of the property where the facilities are located, Reef Casino Trust, commented that they’re pretty certain that the loss in profits is due to the renovations that they experienced this year. Allan Tan, the Executive Director of the Reef Casino Trust, said that even though they went through a slight drop in profits, the operations are still going strong. He said that the changed in their facilities should be completed by the end of this year.
The owners estimate that the renovations cost approximately US$6.5 million, and that all work should be finished by the Chinese New Year in January 2017. Despite reducing the entertainment offered at the Reef Hotel Casino, the facility is confident that they will overcome this year’s results.