General News
7 November, 2026
Casino buyout finalised
SYDNEY-based casino and pub tycoon Sam Arnaout has now taken control of the Reef Hotel Casino in Cairns in a $193 million deal.
His company Iris Cairns Property Ltd has 96.5% of Reef Casino Trust units which means it is entitled to proceed with compulsory acquisition of all remaining units. It will pay $4.67 per unit, the same as what other unitholders have been paid. They have until 9 November to accept the offer or compulsory acquisition will take place.
Iris owns and operates 60 venues, including hotels, pubs and casinos, including Lasseters casino in Alice Springs, Casino Canberra and Christchurch Casino in New Zealand.
The 128-room hotel and its associated gaming venue are held in an ASX-listed property fund known as the Reef Casino Trust. Mr Arnaout steadily increased his stake after making a takeover bid in February last year.
It is Mr Arnaout’s second big casino deal this year, after also settling a $NZ100 million ($80m) purchase of the Christchurch Casino from Skyline Enterprises.
He is understood to be worth close to $3.5 billion. The son of refugees from Lebanon, Mr Arnaout is a former panel beater who bought his first pub in Sydney, the Horse and Jockey in Homebush, in 2001 when he was 25,
Along with pubs and the casinos, his company Iris now owns more than a dozen Ibis Budget hotels and is a major property developer with projects along the east coast, from the Gold Coast to Newcastle and Sydney. He also owns the St Ives Shopping Centre on Sydney’s upper north shore which he paid $450m.
To win control of the Reef Hotel Casino, Mr Arnaout fought a to-and-fro war with North Queensland billionaire, Computershare founder Chris Morris, who wanted to add the Cairns business to his Queensland interests, which include a fleet of helicopters, Townsville’s Ville Resort-Casino and the Pelorus and Orpheus islands.
In August this year, Mr Arnaout joined the board along with three of his senior executives. Just two of the original directors remain – chairwoman Wendy Morris and Abigail Cheadle.
Earlier, Mr Arnaout said the company was excited by the opportunities ahead for the business and the Far Northern region.
“Iris Capital is delighted to have completed the acquisition of The Reef Hotel Casino, marking an important milestone for our group and the beginning of an exciting new chapter for this iconic Cairns destination,” he said.
Mr Arnaout said the The Reef Hotel Casino played a significant role in tourism.
