Iris has extended the offer period for Reef Casino purchase beyond May 31
Despite being the subject of a takeover bid by Australian property developer Iris, Australia’s Reef Casino Trust (RCT) saw a 4.8 per cent increase in revenue last year, with revenues reaching AU$26.74m, whilst profit increased by 6.4 per cent increase in profit to reach AU$5.41m.
Electronic gaming was the biggest driver in the casino, although table gaming also saw a year-on-year improvement.
Brad Sheahon, CEO of the Responsible Entity of the Trust, said: “The second half of the year, which includes the high season has been buoyant in Cairns. Local and domestic markets held up well for the complex and international tourism has almost recovered to pre-pandemic levels, although this includes relatively fewer Chinese visitors. Revenues derived by the Casino and Hotel were 4.8 per cent higher than the prior year, with increased visitation and associated gaming revenues in the casino and strong bookings in the Hotel.
“The increase in visitation was primarily driven by increased promotional activities supported by local and domestic visitors during the busy high season. Electronic gaming is the biggest contributor to rentals paid to the Trust. Electronic gaming continued to perform well due to ongoing patron support from local and domestic markets. Table gaming results were better than the prior year due to higher drop and win rate. Despite fewer premium players visiting compared to FY24 the premium play result was also higher due to a higher win rate. Table gaming was primarily supported by local and interstate visitors.”
Chair Wendy Morris added: “Ongoing inflationary and cost of living pressures continue to present a challenging operational environment. Responding to ongoing heightened regulatory oversight will continue to require additional resourcing, including monitoring and management. Despite relatively fewer Chinese arrivals, the international tourist market continues to recover, slowly. The cruise ship market in Cairns continues to show signs of growth and international and domestic airline capacity to the region continues to increase. Business events and conferences are showing strong forward bookings.”
Last Summer, Sydney-based Iris Cairns Property, who owns two casinos in Canberra and Alice Springs, had a bid accepted for the Reef Casino Hotel in Cairns, Australia, with a revised offer of A$192m. Iris has had to extend the offer period beyond May 31, 2026, to allow more time for regulators to complete their work. RCT’s two biggest shareholders, France’s Accor and Casinos Austria International, who combined hold around 71 per cent of the company, have greenlit the extension.
“The Iris Offer period is currently scheduled to close on 13 March 2026 (although Iris has confirmed its intention to extend the Offer beyond 31 May 2026 to allow the Queensland Office of Liquor and Gaming Regulation further time to conclude its suitability investigations in respect of Iris) and the Offer remains subject to a number of conditions. In the meantime, until completion, it is “business as usual” for the Trust and Operator at the Reef Hotel Casino complex
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Iris has extended the offer period for Reef Casino purchase beyond May 31 Despite being the subject of a takeover bid by Australian property developer Iris, Australia’s Reef Casino Trust (RCT) saw a 4.8 per cent increase in revenue last year, with revenues reaching AU$26.74m, whilst profit increased by 6.4 per cent increase in profit…
The post Australia’s Reef Casino enjoys healthy increase in revenues appeared first on G3 Newswire.