Casino operator Lasseters trims losses

SINGAPORE - Casino operator Lasseters International Holdings narrowed its full near net loss to A$2.6 million (S$3 million) from A$11.4 million previously.

The reduction in net loss was due to deferred tax income arising from restructuring of intercompany loans.

Revenue for the year to June 30 fell by 5.4 per cent to A$50.4 million, mainly due to revenue loss from the disposal of a casino.

Lasseters completed the disposal of one of its wholly-owned subsidiary, Otago Casino to SkyCity Entertainment Group, following which a gain of A$1.9 million was recorded.

Its land-based hotel and casino operations in Alice Springs, Northern Territory remained profitable and continued to be the main driver to the group's revenue, contributing 79.9 per cent or A$40.2 million of the total revenue.

While the casino continues to trade positively, the growth in revenue is a modest 1 per cent, mainly due to the drop in visitors to Northern Territory.

The group's health retreat and spa under Cypress Lake Group achieved revenue of A$9.8 million, down from A$10.1 million previously.

Loss per share improved to 1.05 cents from 4.56 cents previously while net asset value per share slipped by 1.69 cents to 17.41 cents.

Lasseters said its maiden property development in Malaysia has been successfully received, with over 70 per cent of units sold.

It believes the property arm will yield positive results going forward and its contribution to the group will grow.