Reef Casino Sinking

17 April ASX announcement:

The Trust’s distributable profit* for the 1st half year from 1 January 2019 to 30 June 2019 is currently estimated to be between $1.7 million to $3.0 million. This current estimate is lower than the actual result for the same period last year. This is due to :-
 Softness in Cairns tourism – at a level not experienced for a number of years, made worse by an extraordinary wet season in the 1st quarter of the year.

 Short term variability in casino table gaming because of a soft gaming and Chinese tourist market including a soft Chinese New Year season, at a level not experienced in recent years.

 A subdued local economy due to soft tourism and increased local competition which has had an impact on casino slots gaming and to a lesser extent on hotel accommodation. A further update will be provided at the Annual General Meeting on 24 May 2019.

 

Then the AGM on May 24:

On 17th April 2019, a trading update advised that the Trust’s distributable profit for the 1st half year from 1 January 2019 to 30 June 2019 was estimated to be between $1.7 million to $3.0 million. Our current estimate of the distributable profit is between $1.2 million to $1.7 million.

Looks like this:

Reef Casino 1H18

The blue 2019 bar is the top end of the revised 2019 range.

How are the numbers on a global tourism hub anchored by a new casino working out again?

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