Reef Casino Expects to Distribute Again as Fortunes Improve

light up multicolored money symbol on a dark background
The Reef Casino Trust is expecting to reinstate its six-month distribution, which was halted earlier this year.

The Market Herald reports the operators of the Reef Hotel Casino Complex in Cairns were forced to close the venue from March 23 to the end of the financial year.

With the coronavirus restrictions now eased in Queensland, the Trust is estimating an $8.5 million distributable profit from the second half of the year, bringing the full-year 2020 estimated net loss before impairment to approximately $66,000.

The casino operator said it expects to distribute 8.54 cents per unit, or around $4.25 million in total to its shareholders, roughly half of the company’s half-year distributable profit.

The 50 per cent figure comes from the Trust’s constitution, which stipulates that half of the net income from each six-month period should go to the distribution.

Nevertheless, the first half of the year came and went without a half-year distribution, after state regulations under the pandemic forced the closure of the Trust’s sole asset.

At the end of the first half of the year, the Trust had generated a net loss of $23.69 million, compared to a net profit of $755,000 in 2019’s corresponding period.

With restrictions now eased, the casino has managed to somewhat lessen those losses in the intervening months.

Currently, the Trust is estimating an 8.5 million distributable profit from the second half of the year, bringing the full-year 2020 estimated net loss before impairment to $66,000.

Despite improving conditions under the pandemic, the Trust was quick to point out that “economic and trading conditions in Cairns and the region remain challenging” and “the outlook regarding the coronavirus situation still remains uncertain.”

In morning trade on Monday, the Reef Casino Trust was down a slight 0.79 per cent and shares were trading at $2.50.

Cairns hotel takes out prestigious awards

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Photo by: Giorgio Trovato

A Cairns hotel has achieved a triple accolade at the 2020 Luxury Hotel Awards.

The Hotel Conservation reported in October that Pullman Reef Hotel Casino was awarded the coveted title of winner in the Australia and Oceania Luxury Casino Hotel category and its signature restaurant, Tamarind Restaurant, took first place in the Australia and Oceania Fusion Cuisine category.

In November, Tamarind Restaurant was also voted the best restaurant in a Queensland Club/Hotel/Casino at the Restaurant and Catering Industry Association of Australia’s 2020 Queensland Awards for Excellence.

Pullman Reef Hotel Casino general manager Wayne Renolds said he could not be more proud to receive such prestigious awards.

“To be recognised both locally in Queensland and on the international stage is such a great accolade for our hotel and restaurant teams,” Mr Reynolds said.

“It is also great recognition for the city of Cairns and the entire Great Barrier Reef region.”

Positioned alongside the picturesque Trinity Inlet and enjoying both city and water reviews, the Pullman Reef Hotel Casino is the most prestigious hotel in Cairns and the greater Tropical North Queensland region.

The five-star hotel facilities include a rooftop swimming pool, sauna and a gymnasium, one of Australia’s finest boutique casinos, excellent dining experiences and bars, live entertainment, conference venues, banqueting facilities and a domed roof top wildlife and ropes course immersion experience which is home to complex ambassador Goliath, a 4.5-metre estuarine crocodile.

Led by Executive Chef John Crank and guided by Sous Chef Graeme Miles, Tamarind Restaurant is the most awarded restaurant in Cairns.

It is the only restaurant in Cairns to hold a coveted Chef Hat Award from the Australian Good Food Guide, an award renowned for recognising exceptional chefs and food excellence.

It is a worthy recipient of these awards, recognising the team’s exceptional performance, passion and dedication in creating the unique Tamarind Restaurant experience.

William Brown

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