Cairns Casino sold: Iris Capital wins $192.7m battle for historic tourism asset
Sydney hospitality mogul Sam Arnaout's Iris Capital has cleared the final regulatory hurdle in its $192.7 million takeover of the Cairns casino, with the tourism asset set to change hands on September 1.
Iris Cairns Property lodged paperwork with the Australian Securities Exchange (ASX) late last week after securing more than 80 per cent of shares in Reef Casino Trust, which owns and operates the casino, and clearing all required Queensland Government approvals.
The Queensland Office of Liquor and Gaming Regulation confirmed it had completed its investigation into the new owners after more than 12 months of scrutiny.
"The approvals followed a comprehensive suitability investigation by the Office of Liquor and Gaming Regulation into Iris Cairns Property Pty Ltd, to be confident that the new owners meet Queensland's strict suitability and integrity standards," a spokesperson said.
The deal ends nearly 30 years of original ownership and marks the first change of hands for the Cairns casino since it opened in 1996. Iris Capital emerged victorious in a bidding war against billionaire Chris Morris, whose Morris Group owns the Townsville casino and operates Orpheus Island Resort, Mt Mulligan Lodge and Nautilus Aviation in Far North Queensland. The takeover was backed by Reef Casino Trust's largest shareholders, Accor and Casinos Austria International.
Iris Capital, controlled by Arnaout, already owns casinos in Canberra and Alice Springs, more than 60 pubs and hotels nationally, and a Sydney shopping centre.
Remaining Reef Casino Trust shareholders — around 19 per cent of the register — have until August 14 to accept the $3.87-per-share offer or risk having their shares compulsorily acquired should Iris reach the 90 per cent ownership threshold. If that threshold isn't met, shareholders risk delisting from the ASX instead.
Reef Casino Trust chairwoman Wendy Morris said it would be inappropriate to comment while the takeover is being finalised.
Iris Capital will take official ownership of the casino and its Pullman-branded 128-room hotel on September 1. Whether the hotel retains the Pullman brand remains unclear.
Iris Capital acquired a 17-hotel Ibis portfolio from Accor in 2020.
Jonathan Jackson, 10th August 2026
