For immediate release

Cairns, 24.02.2005 ---  The Reef Casino Trust (RCT) is pleased to announce a net operating profit of $13.4 million for the financial year ended 31 December 2004. This result is $2.3 million or 21% better than the previous year's net profit of $11.1 million.

Earnings per unit on an operating basis rose from 22.3 cents in 2003 to 27.0 cents in 2004.

Mr Ben Macdonald, Chairman of the Trust, said, "The strong growth in net operating profit is due to increased rental income which, in turn, was generated by strong growth in revenues recorded by the Reef Hotel Casino complex in Cairns".

The Directors of the Trust are also pleased to announce a final distribution of 8 cents per unit on a tax deferred basis to be paid on 29 March 2005. The interim distribution paid to unitholders in September 2004 was 7.25 cents per unit, making the total distribution for the 2004 financial year 15.25 cents. This is an increase of 15% over 2003's total distribution.

Three major factors contributed to the Reef Casino Trust's total bottom-line profit of $41.9 million for the financial year ended 31 December 2004.

These were:

The two non-operating items are of a capital nature and are non distributable. The carrying value of the investment property at 31 December 2004 was $136 million.

Mr Macdonald said Reef Hotel Casino management's initiatives and strong marketing promotions paved the way for a 9% increase in visitors to the complex compared to 2003, with revenues across the complex rising from the 2003 level by almost 8%.

Not only did gaming operations once again post steady growth, the Reef Hotel Casino's philosophy of providing patrons with high quality service, attractive surroundings and ambience, excellent choices of food and beverage facilities, entertainment and other attractions all within the Reef Hotel Casino complex, contributed to its success.

Mr Macdonald concluded, "Our continuing objective is to build on the asset value of the Reef Hotel Casino. The operator of the Reef Hotel Casino continues to strengthen the reputation of the complex as the "must see, must visit" major attraction in Cairns and Far North Queensland."

Both the Trust and the operator share a positive outlook.

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For further information, please contact:

Allan Tan
Chief Executive Officer
Reef Hotel Casino
Phone: +61 7 4030 8888
Fax: +61 7 4030 8794
E-mail: atan@casinosaustria.com.au

Peter Hook
Director of Communications
Accor Asia Pacific
Phone: +61 2 9280 9888
Fax: +61 2 9280 9898
E-mail: peter.hook@accor.com