Tourism titans Morris and Arnaout in bidding war for Reef Hotel Casino
Two of Australia’s biggest players in gaming and tourism — Chris Morris and Sam Arnaout — are going head-to-head in a bidding battle for Cairns’ Reef Hotel Casino.
Morris who is the Computershare co-founder and owns Mount Mulligan Lodge and Orpheus Island, has upped his offer to more than A$184 million, or A$3.70 per unit, for the Reef Casino Trust — outbidding Arnaout’s previous A$3.55 offer lodged earlier this month through his Iris Cairns Property Trust.
“We already own Townsville and there are lots of synergies. We are the safer pick because we already have a casino licence in Queensland,” the luxury tourism magnate said.
The Reef Casino Trust, which is jointly operated by Casinos Austria and Accor, confirmed Morris’s approach in an ASX statement on Monday, calling it “unsolicited, conditional and non-binding”.
Arnaout’s camp declined to say whether he would increase his bid. His Iris Group had earlier secured a four-week due diligence window to review the 128-room Pullman-branded hotel and casino asset.
The Trust’s independent board committee is now weighing the competing offers.
Although visitation remains below pre-COVID levels, the Reef Hotel Casino saw a 1.5% rise in visitors in 2024, thanks largely to domestic travel. Electronic gaming lifted 3.2%, while table play fell 8.3%.
On the hotel side, strong interstate bookings pushed revenue up 4%, with food and beverage rising 5.5% on the back of event-driven demand.
Meanwhile, travel giant Helloworld also lifted its full-year earnings guidance to between A$58 million and A$62 million, citing improved margins and a favourable shift in destination mix. The group will report results on August 26.
Jonathan Jackson, 29th July 2025
