Australian Securities and Investment Commission have unveiled their documents, which show that the wealthiest families of Tasmania paid 12.5 million dollars dividend for the last year. One of those is the Farrell family, owner of the Federal Group.
Their company is one of the most successful on the island of Tasmania, managing many hotels and casinos, an Arabian horses stud, freight business, and holding the monopoly on the licensing of all poker machines in Tasmania.
According to ASIC documents, the Federal Group has generated 17 million dollars after-tax profit for the financial year 2018/19. That is a considerable drop compared to 24 million dollars they made in the previous year.
According to ABC, this company currently has 2,478 employees, owns 89 Arabian horses that are worth 994,000 dollars, and has paid 54 million dollars in gaming taxes. They have liabilities of around 240 million dollars in total and have paid 12.5 million dollars dividend to their owners, which is also a drop compared to 14 million dollars they paid in 2017/18.
The company directors are Jane Farrell, John Farrell, Julia Farrell, Deborah Lee, and Greg Farrell, who is the managing director. The Federal Group strives to become the most recognized service business in Australia, unwaveringly committed to its principles. The company believes that they will ensure success by earning the respect of their customers, employees, and industry partners.
The First Australian Casino
Thanks to the Federal Group, Australia got its first casino —Wrest Point. This gambling establishment today is a place of tradition, comfort, and excitement. Set on Hobart’s waterfront, it is one of the first choices for tourist accommodation, entertainment, and fine dining.
Placed on the River Derwent shore, it is known as a monumental establishment in the history of Tasmania. It is also a tourist spot that attracts visitors throughout the year.
During the last few years, the casino has influenced the economic and social structure of Tasmania by enhancing financial assurance of the state and generating publicity for it. It has also helped the tourism industry of this island.
With various options for accommodation and dining, Wrest Point has earned the loyalty of its visitors. It was a host of their own Melbourne Cup luncheon, which was a glorious event that incorporated games, racing, rewards, and breathtaking fashion. The anchor for the event was singer and actor Tim Campbell.
One of the most prominent businesses of the Federal Group is Network Gaming. Since 1996, this company has been distributing Keno and other gaming machines to hotels all across Tasmania, running under the banners of TASkeno and The OASIS Gaming.
Their main office is in Sandy Bay, and it has over 30 employees. It also runs training centres located both in the south and north of Tasmania. Experienced Network Gaming trainers deliver gaming licences with national accreditation to venue employment and staff agencies throughout the state.
They also support their business partners via promotional and marketing campaigns and advice, providing individually tailored services for all of their customers. Network Gaming offers assistance and support to their venue operators, and their helpline is responsible for the everyday operation of TASkeno and gaming machines.
The Federal Group has contributed to the financial growth of Tasmania with its various businesses. The proof is the mentioned return they had during this fiscal year.