Australian hotel and casino operator Iris Hotel Group (Iris) has made a confidential, non-binding proposal to acquire the Reef Hotel Casino.
The company addressed mounting speculation regarding a potential agreement with Iris in a recent dispatch, revealing it received a confidential, non-binding proposal to acquire 100 percent of the units in RCT (Reef Casino Trust).
The proposal also includes the acquisition of RCSL (Reef Corporate Services Limited) itself and Casinos Austria International (Cairns) Pty Ltd, the operator of the Reef Hotel Casino, which is owned by RCT.
‘To explore this proposal, RCSL has granted Iris a four-week period of exclusive due diligence. Discussions remain confidential and preliminary, with no certainty that they will lead to a completed transaction’, the company noted.
‘RCT has committed to keeping the market informed of developments in line with its continuous disclosure obligations’, the company highlighted.
Based in Sydney and part of Iris Capital, the Iris Hotel Group operates 13 hotels and two casinos, namely Casino Canberra – the first legal casino to open in Australia and formerly operated by Aquis Entertainment – and the Lasseters Hotel Casino in Alice Springs.
In light of the speculation regarding a potential ownership change, RCSL requested an immediate halt to the trading of its securities on Tuesday.
The Reef Casino Trust operates the Reef Hotel Casino in Cairns, Australia, and recently reported stable performance in its 2024 financial results.
