Reef Casino Trust estimates profit of $6.4 million for six months

The Reef Casino Trust, which owns and leases the Reef Hotel Casino in Cairns, Australia, estimates distributable profit for the six months from 1 January to 30 June will be approximately $6.4 million.

Though not providing comparative figures for the year before, the company said in the filing that the profit estimate follows “solid growth in rental income paid to the Reef Casino Trust by the Reef Hotel Casino.”

The estimated net profit for the six months is approximately $3.2 million.

RCT also announced that the estimated distribution for the period is 13 cents per unit.

“RCT estimates that this distribution will reflect its expected distribution profit for the six months…”

The Reef Hotel Casino complex consists of a casino, including table games and electronic gaming machines, and a 5 star hotel with 128 rooms.

In November 2014, the Trust announced that an offer made by Aquis under an off market takeover bid for all the units in the Trust had lapsed.

“The offer was subject to various defeating conditions, including Queensland gaming regulatory approvals.”