General News
27 August, 2026
New casino owner ‘excited’
THE new owner of The Reef Hotel Casino – Sam Arnaout – has revealed he has long term ambitions for the gaming, entertainment and hotel complex.
His company Iris Capital has completed its takeover of the Reef Casino Trust in a $193 million transaction.
He has joined the board along with three of his senior executives. Just two of the original directors remain – chairwoman Wendy Morris and Abigail Cheadle.
Mr Arnaout said the company was excited by the opportunities ahead for the business and the Far Northern region.
‘Exciting new chapter’
“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.
“We are extremely proud to take stewardship of The Reef Hotel Casino and recognise the significant role the property plays within the Cairns community, the local economy and the broader tourism offering of Far North Queensland.
“This acquisition reflects our confidence in the long-term strength and potential of Cairns and our commitment to investing in assets that can make a meaningful contribution to the destinations in which we operate.
“Our vision is to build on The Reef Hotel Casino’s strong foundations, enhance the guest experience and unlock its full potential as a leading entertainment, hospitality and tourism destination.
“We see significant opportunities in the property, its people and its offering, while respecting the heritage and importance of the venue to the Cairns community.
“Iris Capital brings a long-term ownership mindset, extensive experience across property, hospitality and tourism and a strong commitment to operational excellence.
“We look forward to working closely with The Reef Hotel Casino team, our partners, stakeholders and the wider Cairns community as we embark on this next phase.
‘Something special’
“This is not simply an acquisition for Iris Capital.
“It is an opportunity to create something special for Cairns and to establish The Reef Hotel Casino as an even stronger destination for locals and visitors for many years to come.
“We are incredibly excited about what lies ahead and look forward to working with our team and partners to deliver on the enormous potential of this exceptional asset.
“The completion of the transaction reinforces the commitment by Iris Capital to the continued success of Reef Hotel Casino and its role as a major contributor to the Cairns economy, tourism industry and local community.”
Ms Morris said the completion of the transaction represented an important chapter in the history of The Reef Hotel Casino.
“We are pleased to welcome the new board directors appointed by incoming major unitholder Iris Capital.
“Since 1996, The Reef Hotel Casino has been an icon of Cairns through the tenure of Casinos Austria and Accor and I thank the resigning directors for their support and contribution.
“I’m confident Iris Capital’s ownership of The Reef Hotel Casino will continue to contribute to the growth and success of Cairns as a premier tourism and entertainment destination into the future.”
As of Monday 17 August Iris held 85.77% of RCT units.
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.
Iris owns about 60 pubs and the Canberra and Alice Springs casinos.
