Reef reports strong financial position in Q3

The operator has shown a strong financial position since reopening its casino.

Australia.- Reef Casino Trust has reported a strong financial position in a report on its performance and expenses in the quarter ending September 30.  

The period saw the reopening of the casino, hotel and food and beverages outlets, which remained closed between March 23 and July 3 to comply with Covid-19 measures. 

The group reported that during the quarter the company received AU$2.4m (US$1.68m) from the Federal Government’s JobKeeper subsidy.

As of September 28, the firm is no longer eligible for the subsidy but will receive other flexibilities on its commitments.  

The firm said: “The Trust has had a solid start to the 2nd half year of 2020. Trust trading for the quarter has been strong with strong rental income received from the Reef Hotel Casino. This has resulted in a strong profit for the Trust for the quarter.” 

Capital expenditure during this quarter was AU$221,000 (US$155,369) since only essential capital items were approved.