Reef Casino posts net profit of $3.3bn for H1

Reef Casino Trust has reported that net profit for the first half of the year was up 7 per cent year-on-year.

Australia.- Reef Casino Trust has reported a rise in net profit of 7 per cent year-on-year to $3.3bn for the six months to June 30. Earnings per share also rose 7 per cent to 13.17 cents from 12.28 cents, helped by a 2 per cent year-over-year increase in net income to $12.6bn from $12.3 bn.

Gaming revenue was up 4 per cent from $10.7bn to $11.1bn and accounted for 88 per cent of revenue. Hotel, non-casino and other segment revenue rose 6 per cent from $1.5bn to $1.4bn, accounting for 11 per cent of revenue.

The company said: “The complex stayed open throughout. The Covid-19 Omicron variant had a slight dampening impact on operations at the Reef Hotel Casino. Local and domestic patronage was strong, especially from mid-March 2022 onwards. Even though international borders had opened, there were few international patrons.”

Reef Hotel Casino in Queensland was closed between March 23 and July last year due to the Covid-19 pandemic. However, the casino reported strong trading after the reopening. The company reported that its term loan facility with the Bank of Queensland remains unchanged at $13.500m and expires on January 31 2025.