Billionaires up bids for casino, hotel
Billionaires Chris Morris and Sam Arnaout are still competing for Cairns’ Reef Casino Hotel.
Today the ASX-listed Reef Casino Trust confirmed it received a proposal from the Computershare co-founder’s Morris Group for $3.70 a unit – pricing the trust, which includes the real estate, at $184.3 million.
Just over two weeks ago, Mr Arnaout’s Iris Cairns Property Trust offered $3.55 a share ($176.8m).
As we reported May when it was revealed the parties were contesting for the asset, but with lower bids, both offers will exceed $200m including components for issued capital in Casino Austria International (Cairns) Pty Ltd – the casino operator – and the Accor entity which controls a 1280 room Pullman.
Billionaires battle for another casino
The Reef Casino Trust’s market capitalisation is $146m.
Melbourne-based Mr Morris’ offer is unsolicited, conditional and non-binding.
“The…proposal will need to be considered in detail by the Reef Casino’s independent board committee established by RCSL and RCSL’s financial and legal advisers,” it said in a statement.
“As part of this assessment, the Independent Board Committee will need to consider whether there is a reasonable likelihood, and if so the timeframe within which, share purchase agreements to effect the acquisition of CAIC and RCSL could be negotiated and agreed,” it added.
Elsewhere in Queensland, Mr Morris owns Townsville’s Ville Resort-Casino.
Sydney based Mr Arnaout meanwhile in 2021 acquired Alice Springs’ Lasseter’s casino and hotel.
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