Highlights

  • The Iris takeover became unconditional on 6 August and closed on 14 August 2026.
  • The bidder reported an 85.77% relevant interest.
  • Half-year rental revenue and other income totalled AUD 10.487 million.

Reef Casino Trust (ASX:RCT) owns the Reef Hotel Casino property in Cairns. Its 2026 half-year report records the completion of the Iris takeover in August, rather than an ongoing takeover offer in October.

Takeover Outcome

The bidder was Iris Cairns Property Pty Ltd as trustee for the Iris Cairns Property Trust. The offer became unconditional on 6 August 2026 and closed on 14 August 2026. The reported relevant interest was 85.77%, with a cash offer of AUD 3.87 per unit subject to deductions under the offer terms.

Responsible Entity and Operator

On 14 August, Iris also acquired Reef Corporate Services Limited, the responsible entity of Reef Casino Trust (ASX:RCT), and Casinos Austria International (Cairns) Pty Ltd, the operator. These corporate acquisitions are distinct from the bidder’s interest in trust units.

Half-Year Financial Results

For the six months ended 30 June 2026, rental revenue and other income were AUD 10.487 million. EBITDA was AUD 6.218 million and distributable profit was AUD 3.298 million. Reef Casino Trust (ASX:RCT) reported a distribution of 6.63 cents per unit for the period.

Property Ownership and Income

Reef Casino Trust (ASX:RCT) reports income associated with its property ownership, including rent. The trust’s rental income is distinct from the operator’s gross gaming and hotel revenue. At 30 June 2026, total assets were AUD 105.715 million and unused debt facilities were AUD 9.499 million.

Key Insights

Reef Casino Trust (ASX:RCT) reported the August takeover outcome alongside its half-year financial position. The responsible entity and operator changed ownership on the same day the unit offer closed.