The Australian casino has reported a millionaire loss for a second consecutive year.
Australia.- Financial statements for Canberra Casino’s owner, Aquis Entertainment, has revealed that the facility reported a loss of US$13.8 million. Last year’s results mark the second straight year in decline, as it had already posted a loss of US$7.7 million for 2016.
Despite the fact that the numbers are alarming, the company is confident that it will overturn the bad strike as the capital is awaiting international flights and the pending introduction of poker machines (pokies). “Canberra has been receiving direct flights from Singapore and already visitors from Singapore have attended the casino. With the commencement of Qatar Airways flights to Canberra this week, further international visitation should be achieved in the coming year,” said the report.
Without the write-down of deferred tax assets, the comparable loss stands at US$8.3 million, while the balance sheet on December 31st, 2017, showed a new asset deficit of US$13.25 million.
The operating revenue experienced a slight increase of eight per cent on the 2016 results, at US$26.1 million. Earnings before interest, tax depreciation and amortization (EBITDA) for 2017 was a 21 per cent improvement on 2016, but still a loss of US$4.7 million. Moreover, the statement shows a 7 per cent increase in gaming revenue in the first full year of operation of Canberra Casino’s refurbished gaming floor.
“Legislation has been enacted to allow 200 electronic gaming machines to operate within the casino; planning continues for the redevelopment of Casino Canberra into a world class -multi-faceted establishment and discussions with the government will continue throughout 2018 surrounding details of the legislated requirements for the [pokies],” details the report.