Conversations over the takeover of Reef Casino’s operation in Cairns remain ‘confidential and incomplete’; however, the non-binding offer received from the Morris Group has been received, and the group is considering the discussions entailed.
‘You can rest assured the Independent Board Committee will use its best endeavors to seek to achieve the most successful outcome for all unitholder,’ stated the operator in a recent release.
The Reef Hotel and Casino encompasses one of the company’s primary assets, with the trust operator showing solid results in 2024, despite income declining slightly.
International tourism has yet to recover, even as electronic gaming revenues rose.
But premium play fell during the last year.
Its declaration of a dividend could go in line with the sale, as the results were announced in February.
Looking to this year, distributable profit is expected to fall yearly to $3.6-3.8 million while stating revenues are ‘comparable to the same period in 2024’.
Costs, however, are higher due to regulatory and compliance costs.
Other costs have also increased.
However, the group expects May ‘will be another profitable month for the Trust’.
