Casino buyout finalised
Sam Arnaout's Iris Cairns Property Ltd has finalised its $193 million takeover of the Reef Hotel Casino in Cairns, gaining 96.5% of Reef Casino Trust units.Summary
Sydney-based casino and pub tycoon Sam Arnaout has taken control of the Reef Hotel Casino in Cairns in a $193 million deal through his company Iris Cairns Property Ltd, which now holds 96.5% of Reef Casino Trust units and can proceed with compulsory acquisition of the remaining units at $4.67 per unit, with unitholders having until 9 November to accept. Iris owns and operates 60 venues including hotels, pubs and casinos such as Lasseters in Alice Springs, Casino Canberra and Christchurch Casino in New Zealand. The 128-room hotel and gaming venue are held in the ASX-listed Reef Casino Trust, and Arnaout steadily increased his stake after a takeover bid in February last year. This is his second major casino deal this year, following the $NZ100 million purchase of Christchurch Casino from Skyline Enterprises. Arnaout, worth close to $3.5 billion, is the son of Lebanese refugees and a former panel beater who bought his first pub in 2001; his company also owns over a dozen Ibis Budget hotels, major property developments along the east coast, and the St Ives Shopping Centre. To win control, he fought a to-and-fro battle with North Queensland billionaire and Computershare founder Chris Morris. In August, Arnaout joined the board with three senior executives, leaving only chairwoman Wendy Morris and Abigail Cheadle as original directors. Arnaout said Iris Capital is delighted to have completed the acquisition, calling it an important milestone and the beginning of an exciting new chapter for the iconic Cairns destination, which plays a significant role in tourism.
(Source：Cairns Local News)