Proposed Second Acquisition of Reef Hotel Casino in Cairns Unveiled
In the heart of North Queensland, Australia, the Reef Casino Trust is caught up in a fierce takeover battle between two prominent entities, Iris Capital and the Morris Group.
The saga began on July 11, 2025, when Iris Capital made an off-market cash takeover bid for Reef Casino Trust, valuing it at approximately AU$177 million ($116.3 million). This offer, contingent upon Queensland state licensing approvals and the Foundation Agreement, is still on the table.
However, on July 28, the Morris Group, linked to the Ville Resort Casino in Queensland, submitted a rival bid worth AU$184 million ($120.8 million), equating to AU$3.70 per unit. This new offer, which includes the acquisition of Casinos Austria International (Cairns) and Reef Corporate Services Limited (RCSL), is now under detailed consideration by the Independent Board Committee of RCSL, which manages Reef Casino Trust.
Despite this competing offer, the directors of RCSL maintain their recommendation of the Iris Capital bid. The two largest shareholders of Reef Casino Trust, Accor and Casinos Austria International, which together hold over 70% of shares, have expressed support for Iris Capital's proposal.
Iris Capital has been formally informed of the Morris Group's competing bid and retains the right to match this new offer.
The RCSL board entered into a Takeover Bid Implementation Agreement with Iris Cairns Property on July 11, with an obligation to consider any competing proposals. The Morris Group's proposal, a cash takeover offer, is conditional on agreements to effect these additional acquisitions.
Iris Capital, with its portfolio of two casinos in Canberra and Alice Springs, and over sixty hotels across Australia, is no stranger to the casino and hospitality industry. The Morris Group, with its ownership of the Ville Resort Casino, brings another experienced player into the fray.
The situation is under active review by Reef Casino Trust’s independent committee. The final outcome of this takeover battle promises to shape the future of the Reef Casino Trust and its associated companies. Stay tuned for more updates as this exciting story unfolds.
[1] ABC News Australia, "Reef Casino Trust takeover battle heats up with Morris Group bid", July 29, 2025. [3] The Australian Financial Review, "Iris Capital faces off against Morris Group in Reef Casino Trust takeover", July 29, 2025.
- The casino industry, with the Morris Group as another experienced player, is further intensified by the rival bid for Reef Casino Trust, valued at AU$184 million.
- The finance landscape of the business world is changed as the Morris Group's cash takeover offer, including acquisitions of Casinos Austria International (Cairns) and Reef Corporate Services Limited, challenges the originally proposed bid from Iris Capital.
