Reef Casino Trust has received a new unconditional takeover offer from Iris Cairns Property, as Iris seeks to acquire the remaining units in the owner of the Reef Hotel Casino in Cairns.
Iris has offered AU$4.67 ($3.07) cash per unit for all units it does not already own or control. It currently holds 85.77% of Reef Casino Trust following the completion of its previous takeover offer in August.
The latest bid follows a takeover process that began in February 2025 and initially valued Reef Casino Trust units at AU$3.55. The offer was subsequently increased to AU$3.87 before closing on 14 August 2026, with Iris securing its current controlling interest.
The transaction had faced delays while Queensland regulators assessed Iris' suitability to take control of the casino. Queensland's casino framework requires regulators to monitor the suitability of licensed entities and their associates, while reforms introduced in 2024 strengthened requirements around harm minimisation, cash restrictions and regulatory oversight.
Regulatory approvals were ultimately secured before the original offer closed. The acquisition expanded Iris Group's casino portfolio, which already included Casino Canberra and Lasseters in Alice Springs. The group also operates hotels and other hospitality properties across Australia.
The AU$4.67 proposal represents a further increase on the AU$3.87 consideration offered under the previous takeover. Iris lodged its Bidder's Statement with ASIC and served it on Reef Casino Trust following the close of trading on 24 September.
Reef Corporate Services, the responsible entity for Reef Casino Trust, has established an Independent Board Committee to evaluate the proposal. Its Target's Statement will include an independent expert report, with unitholders advised to take no action while the review is conducted.
The new offer comes after the original takeover encountered uncertainty over the timing of Queensland's suitability investigation. In November 2025, Reef Casino Trust warned that regulatory approval was unlikely to arrive before the then-scheduled offer deadline, creating the possibility that the transaction would not proceed without an extension.
The offer period was subsequently extended before approvals were obtained and Iris secured control.
Reef Hotel Casino is one of four casinos regulated in Queensland, alongside The Ville Casino, The Star Gold Coast and The Star Brisbane
