Lasseters set for $100m revamp, extension

The Alice Springs Convention Centre forms part of the Lasseters site.

Sam Arnaout’s Iris Capital is planning a major extension and renovation of Alice Springs’ 40 year old Lasseters complex.

The $100 million-plus proposal will see an upgrade of the casino, Alice Springs Convention Centre and 4.5-star, 205-suite IHG-managed hotel.

A new guesthouse is also planned as is an apartment complex and expanded hospitality offerings; there is presently four restaurants, four bars, a sports theatre, café, night club, health hub and day spa.

Mr Arnaout paid Singapore listed Lasseters International Holdings $105m for the asset at 93 Barrett Drive, at the foot of the MacDonnell Ranges, in April.

The vendor purchased it from receivers in 1997.

Earlier this month Iris was approved by the Northern Territory government to operate the venue’s casino.

Opposite the mostly dry Todd River, the property, which featured prominently in 1994 film Priscilla, Queen of the Desert, also contains 300 electronic gambling machines (story continues below).

Growing portfolio

Mr Arnaout holds more than 30 pubs, including, in his home state of Sydney, the recently acquired Narwee Hotel, and Ivanhoe Hotel, at Manly.

Iris also controls 20 hotels – the bulk picked up with its $178m outlay for an AccorInvest portfolio last year.

Last month the group announced its first Gold Coast project – an $800m village with two towers on the site of the Niecon Plaza, purchased from George Raptis for $58.5m in July.

Mr Arnaout is also behind a mixed-use project, East End, at Newcastle, which will contain 11 buildings.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of