Iris Hotel Group set sights on Reef Casino
Thursday 27 de February 2025 / 12:00
⏱ 1 min read
(Sydney).- Sam Arnaout's hotel, casino, pub and hospitality group Iris Capital has a made takeover bid for Reef Casino Trust. Iris Hotel Group has made a $130 million plus offer for the trust. The trust owns one asset, the Reef Hotel Casino complex in Cairns. As a result, it holds one of four coveted casino licenses.
The company recently addressed speculation about a potential agreement with Iris, disclosing that it received a confidential, non-binding proposal to acquire all units in Reef Casino Trust (RCT). This proposal also covers the acquisition of Reef Corporate Services Limited (RCSL) and Casinos Austria International (Cairns) Pty Ltd, which operates the Reef Hotel Casino owned by RCT.
RCSL has given Iris a four-week period for exclusive due diligence to explore this proposal, but emphasized that discussions are still preliminary and confidential, with no guarantee of a completed transaction. The company assured that RCT will keep the market updated in accordance with its continuous disclosure obligations.
Iris Hotel Group, part of Iris Capital and based in Sydney, manages 13 hotels and two casinos: Casino Canberra, the first legal casino in Australia previously operated by Aquis Entertainment, and Lasseters Hotel Casino in Alice Springs. Due to speculation about a potential ownership change, RCSL requested an immediate halt to its securities trading on Tuesday.
Reef Casino Trust, which runs the Reef Hotel Casino in Cairns, Australia, recently reported stable performance in its 2024 financial results.
Categoría:Casino
Tags: Sin tags
País: Australia
Región: Oceania
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