Iris Cairns Property, the casino arm of Sydney-based Iris Capital, has submitted a AU$177 million (approx. USD 116 million) cash offer to acquire Reef Casino Trust (RCT), the owner of the Reef Hotel Casino in Cairns, Queensland.
The proposal, lodged as an off-market bid at AU$3.5541 per unit, represents a significant 17.7% premium over RCT’s closing price on July 11 and about a 30% uplift compared to trading levels earlier this year. Support appears strong: two major unit holders—Accor and Casinos Austria International—own more than 70% of outstanding units and have already backed the deal.
RCT’s independent board committee, chaired by Wendy Morris, has recommended accepting the offer, citing the compelling premium and opportunity to unlock shareholder value. However, the deal still requires regulatory approvals, including licensing and competition clearance, and at least 80% unit acceptance.
Investors responded swiftly: RCT shares surged nearly 14%, marking their sharpest single-day rise in five years. Analysts attribute the jump to the high premium and early institutional support.
Iris Capital already operates Casino Canberra and a property in Alice Springs, and this acquisition signals a broader ambition to expand its footprint across Australia’s gaming and hospitality markets.
If approved, the deal would inject new energy into the Cairns tourism sector and strengthen Iris Capital’s national position—marking a bold step in reshaping Australia’s casino landscape.
