News: RCT Reef Casino Trust gives update on operating results, page-17

Pete I believe that we shouldn't confuse free cash flow with earnings. Earnings indeed went down and if the clause you are reffering to is in connection to earnings then indeed they had to cut the divvie.

Although this may be true, the real deal here is the free cash flow and for this metric given that major capex stopped last year I feel comfortable. RCT last year gave more dividend than its FCF and at the same time undertook an expansion and modernization program. This year our FCF should be better especially if the Cairns market gets better. New restaurants and lobby will attract more revenues and lower dividend will allow for some debt repayment and some balance healing.