Tough times cut Federal's profit

Greg Farrell at Federal's flagship property Saffire, on Tasmania's East Coast.

A TOUGH year for domestic tourism and new regulations in gaming have hit the Federal Hotels group, the owner of Tasmania's two casinos.

Federal Hotels parent Mulawa Holdings yesterday reported a significant fall from $21.3 million in the previous year to $16.5 million after-tax profit for 2011-12.

The profit fall came despite an increase in revenue from $515 million to $520 million.

Despite a dramatic fall in employee numbers from 2016 to 1727, the company recorded an increase from $152 million to $160 million in personnel expenses. Gaming taxes and licence fees were down nearly $3 million.

In his recent Christmas address, managing director Greg Farrell blasted the Gaming Commission's mandatory code of practice, part of which was introduced on March 1.

Other measures were introduced on September 1 and have resulted in a fall in year-to-date gaming machine expenditure from $73 million to $68 million. The group expects a $20 million- a-year decline in revenue.

The code included measures such as no free alcohol, no ATMs in gambling areas other than casinos, adequate lighting and clocks in gaming areas, and no food or drinks at gaming machines after 6pm.

Mr Farrell said with the dollar at record levels, Australians had never had it so good if they wanted to travel offshore.

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