Hi Kalaru et al, I called into the casino on Monday night...

Hi Kalaru et al,

I called into the casino on Monday night (22FEB) to see what's going on and talked to a number of the staff that I know. The main gaming floor is shut down for renovations and they are trading out of the upstairs room that used to be Galaxy nightclub. There is now only about 10 tables operating up there although there were more in the "Senator's Club" which used to be the boardroom.

There is a small bar but no restaurant however they do continue to serve meals from the kitchen but it is only the snack menu. It made me wonder if they are still paying the imported America Chef's $180,000 salary?? They have still not increased the salaries of the management staff for 18 months which means they are not investing in the people that know how to run the casino.

There was about 30 people in the whole casino while I was there, yes that's right about 30 and they had moved up the stairs the previous week. It will be interesting to see what the income will be for Feb and probably for the next 4 months while renovations continue. The renovations will have to be great to recover the money lost over the next few months. Seemingly there is a lot of full time employees on leave during this period so they are using casuals which will be expensive.

I'm not surprised to see the shares this morning at 7c but it won't be long until they are under 5c in my humble opinion. This stock is another definition of 'having a punt'!

Ted