FAR North tourism tycoon Chris Morris is still interested in buying the Reef Hotel Casino after red tape has delayed the preferred takeover bid by hospitality rival Sam Arnaout.
The duo battled to buy the casino and associated hotel from the Reef Casino Trust (RCT) for most of this year until Mr Arnaout clinched the deal in August with his ultimate bid of $192.7m.
But the trust has told the Australian Securities Exchange in a statement that the Iris Cairns Property acquisition would be delayed until at least May 31 next year. Iris Capital’s takeover offer for the trust was backed by RCT’s two largest shareholders – Accor and Casinos Austria International.
However, the Queensland Government’s Office of Liquor and Gaming Regulation said it was unlikely the investigations into Iris required under the Casino Control Act 1982 would be finalised by the end of the offer period on March 13, 2026.
“Investigations are ongoing and decisions are not expected before the end of May 2026,” RCT chairwoman Wendy Morris said in the statement.
She said Iris was extending the offer period to beyond 31 May 2026.
“Iris has advised RCT that it intends to extend the offer period beyond 31 May 2026 to allow OLGR further time to conclude its suitability investigations and will provide a further update once a decision has been as to the length of the proposed extension,” Ms Morris (right) said.
“Your directors (independent and non-independent) continue to recommend that you accept the offer (in the absence of a superior proposal and subject to the independent expert not withdrawing or evoking the reasonable opinion).”
The Morris group (not related to Ms Morris) is still keen on the casino-hotel.
“We believe a process with Morris Group would have been much faster, benefiting shareholders, as we already have a license in Queensland. Morris Group remains interested if the opportunity arises,” the company said in a statement.
“We understand the level of scrutiny in a Queensland suitability investigation so a delay in OLGR being able to make a decision is not surprising.’’
As of 22 October 2025 Iris had acquired 76.27 of the units in RCT. It needs 80 per cent to be successful.
Iris is based in Sydney and is part of the Iris Capital group which owns two casinos in Canberra and Alice Springs and more than 60 hotels, mainly in New South Wales.
Mr Morris is the co-founder of Computershare and owns the Ville Resort-Casino in Townsville and a fleet of helicopters and superyachts in Cairns.
