Reef Casino Trust says lapsed Aquis bid costs $600,000, to pay distribution

Australia’s Reef Casino Trust said it expects its distributable profit for 2014 to be about $12.1 million ($9.97 million) after taking into account the project costs of $600,000 related to a failed takeover attempt by Hong Kong billionaire Tony Fung’s Aquis.

The trust said casino play win in 2014 is expected to be lower than in 2013, which had an above theoretical win rate.

Net profit for the year after taking into account distributions to unit holders will be about $6 million, it said in a filing with the Australian Stock Exchange. Last year, the company reported net profit of $6.9 million.

The distribution for the second half is expected to be 17.25 cents a unit, for a full-year distribution of 26.02 cents.

A planned $276 million takeover by Aquis fell through after failing to gain regulatory approval by its Nov. 28th deadline.

 

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