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:
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?