Gambling rewards reaped by one of Tasmania’s richest
ASIC documents have revealed that one of Tasmania’s richest families paid itself $12.5 million in dividends last year.
The Federal Group, owned by the Farrell family who trade as Mulawa Holdings run casinos and hotels, a freight business, an Arabian horse stud in New South Wales and hold the monopoly on all Tasmania poker machine licensing.
The documents filed with the Australian Securities and Investments Commission show the Federal Group produced an after-tax profit of $17 million for the 2018-19 financial year, which is down from just over $24 million the preceding year.
The Federal Group employed 2,478 people, paid $54 million in gaming taxes and owned 89 Arabian horses worth $994,000, according to ABC.
The company reported total liabilities of about $240 million and paid a $12.5 million dividend to its owners, which is down from $14 million in 2017-18.
Company directors for the The Federal Group are managing director Greg Farrell, John Farrell, Jane Farrell, Julia Farrell and Deborah Lee.
The Federal Group states that it’s vision for the future is to be Australia’s most respected service business through an unwavering commitment to its principles. They believe that earning the respect of their employees, customers, industry partners and communities will ultimately ensure the long-term success of the organisation.
Its casino, Wrest Point was Australia’s first casino and today radiates comfort, tradition and excitement. Located on Hobart’s waterfront, it is considered Hobart’s premier choice for accommodation, dining and first-class entertainment. It is positioned on the shore of the River Derwent where it has held a long and proud place in Tasmania’s history.
The casino was initially conceived to address the seasonal nature of the Tasmanian tourism industry in which it would be designed to be an attraction that would entice visitors to the state all year round.
Development of the casino has a big impact
Over recent years, the development of the casino had a profound impact on the social and economic fabric of the state where it has boosted economic confidence, generated publicity for the state and paved the way for Tasmania’s now thriving hospitality and tourism industries.
It offers a range of accommodation options and dining experiences which range from fine dining at the Point Revolving Restaurant to relaxed meals at The Loft bistro.
This week, Wrest Point held a Melbourne Cup luncheon of its own where it was a colourful occasion full of racing, games, prizes and fabulous fashion.
The fun and festivities at the luncheon were led by Australian actor and singer Tim Campbell.
Network Gaming is another of The Federal Group’s prominent businesses. Established in 1996, it was set up to manage the distribution of gaming machines and Keno in hotels and clubs throughout Tasmania, operating under The OASIS Gaming and TASkeno banners.
Its head office is located in Sandy Bay where the business unit employs over 30 people and has training centres situated in both the north and south of the state. The organisation employs professional and highly experienced trainers who deliver nationally accredited gaming licence training to venue staff and employment agencies across the state.
It offers support to its business partners through marketing and promotional campaigns, business support and advice and prides itself on providing individualised and tailored services to meet the needs of all its customers.
Network Gaming provides a dedicated helpline for support and assistance to its venue operators, which is responsible for the day-to-day operation of gaming machines and TASkeno.
With its strong financial returns recorded for the 2018-19 financial year, The Federal Group’s various businesses have provided a financial return which sees the organisation firmly amongst the most profitable within Tasmania.