Iris Capital

By Josh Pearson , 24 February 2026

Australia’s Reef Casino Trust delivered a solid financial performance in FY25, reporting a 6.4 percent rise in net profit to AU$5.41 million, supported by steady rental income from the Reef Hotel Casino in Cairns. Revenue climbed 4.8 percent to AU$26.74 million, underscoring the resilience of its property-linked earnings model. The results arrive as property investor Iris continues discussions to acquire the trust, a move that could reshape its ownership structure.

By Josh Pearson , 22 August 2025

Iris Capital, a leading Sydney-based hospitality group, has increased its all-cash takeover offer for Reef Casino Trust (RCT), operator of The Reef Hotel Casino in Cairns, to AU$177 million (approximately Rs.1,57,000 lakh). The revised proposal, reflecting a 17.7% premium over RCT’s recent trading price, enjoys backing from the trust’s largest unitholders, Accor and Casinos Austria International.