Business
14 August, 2026
Former CEO’s casino deal
FORMER Reef Casino Trust CEO and current director Allan Tan has offloaded more than $300,000 worth of units in the hotel-casino entity before today’s deadline for its new ownership.
Reef Casino Trust disclosed on Monday that Mr Tan accepted an off-market takeover offer for all of his units in the trust, both direct and indirect, from new owners Cairns Property Pty Ltd.
The sale involves 79,950 units in total, amounting to $309,406.50
The sale comes as Sydney pub baron Sam Arnaout is expected to formally take ownership of The Reef Hotel and Casino today (Friday 14 August) after acquiring the minimum 80% of voting power and receiving Queensland Government approvals.
His Iris Cairns Property company has advised the Australian Securities Exchange (ASX) it has secured voting power of 83.91% in the Reef Casino Trust as of Wednesday, which means it has surpassed all original conditions, although the offer was already non-conditional following the receipt of regulatory approvals last month.
The major unitholders (Casinos Austria International and Accor), who collectively hold 71.96% of RCT units, had already accepted the offer.
The deal is scheduled to close on 14 August. Accepting unitholders are expected to receive $3.87 per unit by September 4, in accordance with the terms of the offer, valuing the trust at $192.7m.
It is expected the remaining unitholders who do not accept the offer by 7pm today will remain with the trust as minority owners.
If Iris reaches 90% it will be able to compulsorily acquire the remaining units.
In a statement to the ASX, trust chairwoman Wendy Morris said trust directors continued to recommend that unitholders accept the offer.
Mr Arnaout outbid tourism billionaire Chris Morris for the trust, ending almost 30 years of original ownership.
The takeover will give Iris control of Reef Casino Trust, which owns the Reef Hotel Casino and the Pullman Reef Hotel in Cairns.
The Queensland Office of Liquor and Gaming Regulation said the government “has completed all required regulatory approvals for the change in ownership of the Reef Casino licence holder”.
“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 spokeswoman said.
Iris owns casinos in Canberra and Alice Springs as well as about 60 pubs, mainly in New South Wales. Iris was contacted for comment.
