So the latest quarterly figures are out for Casino Canberra and it states that the loss for the last Quarter were -$1,862,000 . It further states that the loss for the 3 Quarters to 30SEP were -$3,538,000 meaning that the last quarter accounted for +52% of the losses for the 9 months.
They have spent $13.6m in refurbishment however this is their first trading quarter after that investment and they are continuing to lose money at a faster rate.
How long can this continue? Even if they get poker machines, the Greens are dictating that there will be limits on the amount that people can bet and that they will need to set a limit before they can start betting. It is now November and it will be very doubtful that there will be any legislative changes to allow the Casino to have pokies prior to Feb 2017.
The cash burn and the continuous changing of CEO's must be hurting as much as the staff's morale....
AQS Price at posting:
5.2¢ Sentiment: None Disclosure: Not Held
