The first half of the year has brought negative results for Casino Canberra as it reported losses and a fall in revenue.
Australia,- Aquis Entertainment Limited, owner of Casino Canberra, has reported that losses in the first half of the year have increased. The casino also registered a decrease in revenues in the first six months of 2019.
Aquis said that Casino Canberra reported a US$2.5 million loss in the latest financial report detailing H1 activity. Revenue for the first half of 2019 was US$11.9 million, which represents a 2.7% decrease when compared to the US$12.3 million in 2018.
The report from Aquis Entertainment Limited explained that the group continued its campaign to combine leadership and targeted investment in the business to improve underperforming operations. It also details that it will continue focusing on capitalising on the refurbishment of Casino Canberra in 2016, Canberra Times reported.
Moreover, EBITDA decreased 176% to a loss of US$557k, and directors said they expected that number to be positive for the full year.
The casino could get a revamp
Earlier this year, it was reported that the casino operator contacted the government to discuss a possible revamp. The deputy director-general of the Chief Minister, Treasury and Economic Development directorate, Kareena Arthy, said was just a discussion at the time.
“We are eager to be able to deliver Canberra the kind of world-class entertainment precinct an emerging international city deserves,” Casino Canberra chief executive Allison Gallaugher said back in June.