Sunday 15. November, 2015

Labor Club Reports $25 Million Revenue from Poker Machines

Canberra’s Labor Party-owned Labor Club group has reported revenue of $25 million from its poker machines in the last financial year, representing its highest income producer for that period.

The club has 488 poker machines and relies heavily on the income it brings in from them. “Other revenue”, primarily from the sale of food and beverages brought in $5.8 million, while rental and other income brought in $1.7 million. Out of a total of $32.6 million in revenue, almost 77 percent came from its pokies.

For 2014-15, the group announced profits of $2.4 million. The previous year, it reported a loss of $770,000 following a donation of $2.5 million to the 1973 Foundation, the Labor Party’s investment vehicle. The group’s adjusted profit for 2013-14 was $206,000.

According to the annual report, the group invested heavily in gaming machines with $2.88 million paid to three gaming companies, including Aristocrat for “gaming hardware and servicing” during 2014 and 2015. According to new reporting laws, clubs are only required to reports contracts worth more than $100,000 so this figure only includes those deals. In the previous financial year of 2013-14, when the reporting laws required clubs to report contracts of $50,000 or more, the Labor Club reported five gaming hardware and servicing contracts worth a total of $1.37 million.

The Labor Club group has four clubs, the largest of which is in the Belconnen town centre, as well as in the city, at Charnwood and at Weston Creek. In 2013, the group announced plans to build a 150-room hotel at Belconnen at a cost of $35 million, but the plans appear not to have progressed.

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