Cairns’ Reef Hotel Casino has opened 2026 on a positive note, with revenues in the first four months of the year tracking slightly ahead of the same period in 2025, despite headwinds from inflation, cost-of-living pressures, weather events, and geopolitical disruption stemming from the Middle East, the complex’s owner told unitholders at its annual general meeting on Monday.
Chief Executive Officer Brad Sheahon said continued local and domestic patronage had underpinned the result, and that the second half of 2026 — historically the high season for Cairns — was expected to follow a similar trajectory, albeit against a backdrop of “continuing climate, economic and geopolitical uncertainty.”
The trading update came as Reef Casino Trust (RCT) confirmed a 2025 distributable profit of AU$10.8 million ($7.7 million), up from AU$10.3 million ($7.4 million) the previous year.
Excluding transaction costs tied to the pending Iris Capital takeover, distributable profit reached AU$12.1 million ($8.7 million). Total trust revenue and other income for the year stood at AU$26.7 million ($19.1 million), supported by a particularly strong second half.
Chair Wendy Morris reiterated the board’s unanimous recommendation of Iris Capital’s off-market cash bid of AU$3.87 ($2.77) per unit, which values the trust at approximately AU$192.7 million ($138.1 million). Both major unitholders, Casinos Austria International and Accor, have accepted the offer.
Iris extended the offer period to August 14th, 2026, to allow the Queensland Office of Liquor and Gaming Regulation sufficient time to conclude its suitability investigations, which are not expected to be finalized before the end of June. RCT will provide a half-year trading and distribution update in mid-to-late June.
