Friday, December 16, 2011

casino pays out

Reef Casino has announced its estimate of final distribution for the year and further improvement in trading, albeit with a caution on the financial outlook. Profit for the first half of the year was $4.6 million.  

Rental growth from the Reef Hotel Casino has continued in the second half. Our current estimate of the distributable net profit for the full 2011 year is between $11 million and $12 million or between 43.7% and 56.7% better than 2010. While distributable net profit for 2011 is estimated to be better than 2010, the estimated total distribution for 2011 of 20 cents per unit is maintained at last year’s level due to continuing economic and financial uncertainties arising from financial problems in the Euro zone and the undertaking of
Project L2 at the Reef Hotel Casino. Work on Project L2 is set to start in early 2012 and it will be a complete renovation of Level 2 of the casino at a cost of $2.5 million.

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