THE Reef Hotel Casino Complex in Cairns has been revalued at $171 million as at June 30 2007.
This represents an increase of $42.5 million over the last valuation.
Reef Casino Trust, which owns the asset, has also reported a net profit of $4.7 million for the first half year ended June 30 2007.
Distributable profit was $3.9 million, down from last year’s result of $6.8 million.
Chairman Ben MacDonald the tourism industry in
“The second half of the year remains challenging but overall, the trust’s result in the second half is expected to be similar to the same period last year,” he concluded.
Australian Property Journal
