Casino takeover delay
Sam Arnaout's bid to acquire The Reef Hotel Casino is delayed due to ongoing investigations by the Queensland Office of Liquor and Gaming Regulation.Summary
Sydney-based investor Sam Arnaout's takeover offer for The Reef Hotel Casino in Cairns has been extended again, now to August 14, 2026. His company, Iris Cairns Property Pty Ltd, currently holds 77.28% of the Reef Casino Trust (RCT) shares, nearing the 80% threshold for full control. The delay stems from investigations by the Queensland Office of Liquor and Gaming Regulation (OLGR) regarding Iris's suitability to operate a casino in Queensland, with a final decision expected by the end of June 2026. The offer remains at $3.87 per share, valuing the trust at $192.7 million, while the current market capitalization is $172.3m. RCT directors continue to recommend shareholders accept the offer. The bid follows a previous attempt by Far North tourism operator Chris Morris, who was outbid by Arnaout. Iris Capital also owns casinos in Canberra and Alice Springs, along with over 60 hotels.
(Source：Cairns Local News)