Iris Capital Completes Takeover of Cairns’ Reef Hotel Casino

Sydney-based hospitality magnate Sam Arnaout has finalised his takeover of the Reef Hotel Casino in Cairns, ending a months-long acquisition process and marking the venue’s first change of ownership since it opened in the 1990s. The transaction, executed through Arnaout’s Iris Cairns Property Pty Ltd, values the ASX-listed Reef Casino Trust at approximately $192.7 million, making it one of the most significant hospitality deals in regional Australia this year. A Lengthy Path to Completion The acquisition unfolded over more than a year.