Net profit totalled US$1.02m in the first half of 2025, down 23.9 per cent year-over-year.
Australia.- Reef Casino Trust (RCT) has reported its financial performance for the first half of 2025. Net profit attributable to members totalled AU$1.65m (US$1.02m), down 23.9 per cent year-over-year. The company reported revenue of AU$11.24m (US$6.94m), down 3.3 per cent from the same period in 2024.
Distributable profit was AU$3.3m (US$2.04), down 23.9 per cent. Without costs related to Iris Cairns’ proposed takeover, distributable profit would have been approximately AU$536,000 (US$331,000) higher, the report stated.
The hotel room segment showed an increase of 9.4 per cent in revenue, amid strong bookings from interstate visitors, and table gaming revenue rose 6.8 per cent. Electronic gaming revenue decreased 0.3 per cent and food and beverage sales by 3.3 per cent.
Chair Wendy Morris said: “Total revenues at the Reef Hotel Casino were above the prior comparative period, however, higher costs primarily the casino supervisory levy and costs in relation to achieving regulatory uplift requirements resulted in lower rentals for the Trust.”
Reef Casino Trust (RCT) recently announced that Iris Cairns Property increased its takeover offer to AU$3.72 (US$2.4) per share in cash for a total of AU$185.3m (US$119.1m). The bid is 36 per cent above a February valuation before Iris’s interest became public.
RCT’s Independent Board Committee has unanimously recommended that unitholders accept the offer, provided no superior proposal emerges and an independent expert finds the deal fair. The trust’s two largest investors, Accor and Casinos Austria International, together controlling over 71 per cent of shares, have indicated that they will support it.
Net profit totalled US$1.02m in the first half of 2025, down 23.9 per cent year-over-year. Australia.- Reef Casino Trust (RCT) has reported its financial performance for the first half of…
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