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REEF CASINO TRUST Earnings Release 2004
65673_rns_2004-08-16_5fce20ee-1356-4ee3-9d48-a77fbb809f53.pdf
Earnings Release
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News release
17 August 2004
Reef Casino Trust (RCT) profits up by 58%
Unit distribution increases to 7.25 cents per unit
The Reef Casino Trust (Trust) is pleased to announce a net operating profit for the six months ended 30 June 2004 of \$6.4 million, an increase of 58% compared to the same period last year.
The Trust is also pleased to announce a distribution to all unit holders of 7.25 cents per unit on a "tax deferred" basis for the first half year. This compares with 6 cents per unit last year. The record date was 30 June 2004 and the payment date will be 24 September 2004.
Ben Macdonald, Chairman of the Trust said, "This record first half year result can be attributed to the Reef Hotel Casino's effective management, successful marketing and promotion of the complex and the delivery of superior customer service. These have paid off well with the complex attracting 10% more visitors."
In accordance with the Trust Constitution, the Trust's real property, the Reef Hotel Casino complex was independently valued as at 30 June 2004 and its new value of \$135 million is \$30 million more than the independent valuation obtained three years ago.
Mr Macdonald continued, "This substantial increase in the value of the property reflected the continued success, strength and growth of the Reef's casino and hotel operating performance over the last few years".
The core business of the complex, Reef Casino contributed 24% more rent to the Trust with gaming machines recording an outstanding performance. The Sofitel hotel accommodation and food and beverage facilities also recorded an increase of 44% in rentals paid to the Trust.
REEF CASINO TRUST ABN 90 324 877 Managed by Reef Corporate Services Limited - ABN 66 057 599 621
Level 15 Waterfront Place, 1 Bagle Street, Brisbane QLD 4000, PO Box 7097 Waterfront Place, Brisbane QLD 4000
Telephone : 07 3232 3100 Pacsimile : 07 3232 311
Commenting on the second half of the year, Mr Macdonald said, "The Trust reported an excellent result in July and is off to a good start. The second half year has historically been the stronger half of the year and we expect this to be the case this year. A number of major projects at the Reef Hotel Casino will come on stream in the next months including a brand new casino bar and exciting new lighting on the exterior of the casino's glass dome."
The Trust board also announces that the operator of the Reef Hotel Casino has appointed Allan Tan as its Chief Executive Officer effectively immediately.
Endorsing this appointment on behalf of the Trust board, Mr Macdonald said, "Allan is an excellent choice to lead the Reef Hotel Casino having already been actively and successfully involved in the management of the Reef Hotel Casino over the past year. In addition, he has been associated with the Reef Casino Trust over a significant period of time including being its Chief Financial Officer and Company Secretary since late 1999."
Mr Macdonald continued, "Allan has over 20 years experience in accounting, finance and management, a majority of this in the casino industry. His focus will be to further develop the business of the Reef Hotel Casino."
Mr Frank McFadden, who is a director of the Trust, has acted as the CEO of the Reef Hotel Casino since May 2003 and we would like to place on record the Board's appreciation of his contribution during a period of substantial growth by the Reef Hotel Casino.
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For further information:
Allan Tan Chief Executive Officer Reef Hotel Casino Tel: 07 3232 3100 Fax: 07 3232 3111 Email: [email protected] Peter Hook National Director Communications for Australia, New Zealand and South Pacific Accor Asia Pacific Tel: 02 9367 0860 Fax: 02 9367 0896 Email: [email protected]