{"id":13722,"date":"2021-01-25T22:17:19","date_gmt":"2021-01-25T22:17:19","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=13722"},"modified":"2026-04-23T22:24:18","modified_gmt":"2026-04-24T01:24:18","slug":"reef-casino-ups-profits-estimate-for-h2-2020","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/reef-casino-ups-profits-estimate-for-h2-2020","title":{"rendered":"Reef Casino ups profits estimate for H2 2020"},"content":{"rendered":"\n

The Australian casino’s operator said it turned a profit in the third and <\/strong>fourth quarters of 2020.<\/p>\n\n\n\n\n\n\n\n

Australia.- Reef Casino Trust<\/strong> has reported positive trading<\/strong> in its final quarter results for 2020.<\/p>\n\n\n\n

The operator said it turned a profit in the third<\/a><\/em><\/strong> and fourth quarters<\/strong> of 2020.<\/p>\n\n\n\n

For the period between October 1 to December 31, 2020, the company said figures \u201ccontinued to be good, with good rental income<\/strong> received from the Reef Hotel Casino. <\/strong>This has resulted in another good profit for the Trust for the fourth quarter.\u201d<\/p>\n\n\n\n

The Australian firm has increased its profit estimates for the second half of 2020 from AU$8.5m<\/span><\/a><\/em><\/strong> (US$6.54m) to approximately AU$9.17m <\/strong>(US$7m) as the rental income for the month of December was more than estimated.<\/p>\n\n\n\n

For the full-year 2020, Reef\u2019s estimated net profit before impairment<\/strong> is now approximately AU$271,000 (US$208,772<\/strong>) instead of the previously estimated loss of AU$66,000 (US$50,844).<\/p>\n\n\n\n

Reef casino during Covid-19<\/strong><\/h2>\n\n\n\n

The Queensland state government ordered the closure <\/strong>of the Reef Hotel Casino complex from March 23 until July 3, 2020.<\/p>\n\n\n\n

The complex was eligible for JobKeeper subsidies <\/strong>from the Australian government until September 28, 2020, allowing the company to continue paying salaries even though activity was reduced.<\/p>\n\n\n\n

Since then, the operator has qualified as a legacy employer <\/strong>and has access to modified flexibility measures.<\/p>\n\n\n\n

In its results report to ASX, the operator said: \u201cDue to the on-going Covid-19 situation, economic and trading conditions in Cairns and the region remain challenging<\/strong>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The Australian casino’s operator said it turned a profit in the third and fourth quarters of 2020.<\/p>\n","protected":false},"author":2,"featured_media":13724,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Reef Casino Trust reported a profit in Q3 and Q4 2020, revising its H2 2020 profit estimate upwards to AU$9.17m and achieving an estimated full-year 2020 net profit of AU$271,000, reversing a prior loss forecast. This turnaround occurred despite a government-mandated closure due to Covid-19, supported by rental income and JobKeeper subsidies.","focusai_entities":"Reef Casino Trust, Reef Hotel Casino, ASX","focusai_location":"Australia, Queensland, Cairns","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"H2 Profit Drivers?","query":"What specific operational efficiencies or revenue streams, beyond rental income, contributed to Reef Casino Trust's improved H2 2020 profitability despite challenging regional conditions?"},{"label":"Post-JobKeeper Strategy?","query":"How does Reef Casino Trust plan to sustain its operational profitability and manage labor costs now that JobKeeper subsidies have concluded and modified flexibility measures are in place?"}],"footnotes":""},"categories":[16336,163],"tags":[23632,23907,21252],"class_list":["post-13722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-finance-news","tag-integrated-resorts","tag-land-based-casino","tag-reef-hotel-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=13722"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13722\/revisions"}],"predecessor-version":[{"id":13746,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13722\/revisions\/13746"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/13724"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=13722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=13722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=13722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}