Reef Casino Trust reported higher earnings for the year ended 31 December 2025, supported by increased visitation and improved gaming activity at the Reef Hotel Casino complex in Cairns.
Revenue from ordinary activities rose 4.8% year-on-year to AU$26.745m (US$18.8m), while net profit attributable to members increased 6.4% to AU$5.41m. Distributable profit also climbed 6.4% to AU$10.82m, reflecting stronger rental income from the property.
The trust, which owns and leases the Reef Hotel Casino to operator Casinos Austria International (Cairns), said aggregate complex revenues increased during the second half of the year as domestic visitation remained resilient and international tourism continued to recover.
Casino rental income rose to AU$22.49m from AU$21.47m, while hotel and other rental income reached AU$4.12m from AU$3.77m.
Operational indicators also improved. Casino visitation increased 2.5%, electronic gaming revenue grew 2.9%, and table gaming revenue rose 13.6%, supported primarily by local and interstate patrons. Hotel room revenue climbed 11.2%, although food and beverage revenue declined 0.9%.
Operating expenses rose due to regulatory compliance costs and transaction-related fees linked to a takeover proposal, but earnings before interest, tax, depreciation and amortisation still improved to AU$16.44m from AU$15.34m.
The trust declared a distribution of 15.10 cents per unit for the second half, bringing the full-year distribution to 21.73 cents per unit compared with 20.42 cents in 2024. Net tangible assets per unit increased to AU$1.42.
A proposed acquisition by Iris Cairns Property remains ongoing. The off-market cash bid values the trust’s units at AU$3.87 each and has backing from major unitholders Casinos Austria International and Accor, although regulatory suitability checks may extend beyond the current March 2026 closing date.
The trust said the business continues to operate normally while awaiting regulatory approval, noting Cairns tourism trends and economic conditions will remain key drivers of performance.
Earlier reporting indicated Queensland regulators may not complete suitability checks for the Iris Cairns takeover until May 2026, creating uncertainty around the transaction timeline.
Reef Casino Trust distributes 100% of its distributable profit to unitholders under its trust structure
