Business
23 December, 2025
Reef Casino profits increase
THE owner of the Reef Hotel Casino in Cairns has reported an estimated jump in profits by about $1.3 million for the six months ending on 31 December.
The Reef Casino Trust, which owns the casino and hotel and derives rental incomes from both businesses, says it will distribute 100% of the $7.1 million estimated profit to unitholders.
The profit has increased from $5.8m in 2024 and betters the $3.3m for the first half of 2025. The total profit for the year is $10.4m, slightly up on 2024 ($10.2m)
Trust chief executive officer Brad Sheahon, in a statement to the Australian Securities Exchange, said the trust has had a strong second half of 2025.
“Rental income received from the Reef Hotel Casino was higher due to the impacts of a buoyant high season in Cairns, which resulted in:
Increased visitation and associated gaming revenues in the casino
Very strong bookings in the hotel.”
Mr Sheahon said the actual profit distribution would be decided and approved at a board meeting due on 19 February following the approval of the audited results.
The trust is in the midst of a takeover bid by Iris Capital casino operator and pub magnate Sam Arnaout who has offered $192.7m for the hotel-casino.
But the trust has told the ASX that the acquisition would be delayed until at least 31 May next year due to the Queensland Government’s Office of Liquor and Gaming Regulation unlikely to complete its investigations into Iris required under the Casino Control Act 1982 by the end of the offer period on 13 March, 2026.
It has sought a two-month extension.
