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Reef Casino ups profits estimate for H2 2020

Reef Casino Trust benefited from higher than expected rental income.
Reef Casino Trust benefited from higher than expected rental income.

The Australian casino’s operator said it turned a profit in the third and fourth quarters of 2020.

Australia.- Reef Casino Trust has reported positive trading in its final quarter results for 2020.

The operator said it turned a profit in the third and fourth quarters of 2020.

For the period between October 1 to December 31, 2020, the company said figures “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.”

The Australian firm has increased its profit estimates for the second half of 2020 from AU$8.5m (US$6.54m) to approximately AU$9.17m (US$7m) as the rental income for the month of December was more than estimated.

For the full-year 2020, Reef’s estimated net profit before impairment is now approximately AU$271,000 (US$208,772) instead of the previously estimated loss of AU$66,000 (US$50,844).

Reef casino during Covid-19

The Queensland state government ordered the closure of the Reef Hotel Casino complex from March 23 until July 3, 2020.

The complex was eligible for JobKeeper subsidies from the Australian government until September 28, 2020, allowing the company to continue paying salaries even though activity was reduced.

Since then, the operator has qualified as a legacy employer and has access to modified flexibility measures.

In its results report to ASX, the operator said: “Due to the on-going Covid-19 situation, economic and trading conditions in Cairns and the region remain challenging.”

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integrated resorts land-based casino Reef Hotel Casino