Revised alternative bid submitted for Reef Casino Trust units
🎲 Morris Group Submits Revised AU$184.3M Proposal for Reef Casino Trust
Reef Casino Trust (RCT) has received a revised alternative proposal from the Morris Group, via MGGM Cairns No1 Pty Ltd, to acquire all 49.8 million fully paid units in the trust for AU$184.3 million (approx. US$125 million) (BDG Game).
📝 Proposal Overview:
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Follows an initial non-binding indication made on 28 July 2025.
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Includes a broader acquisition of:
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Casinos Austria International (Cairns) Pty Ltd, and
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Reef Corporate Services Limited (RCSL), the responsible entity of RCT.
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The Independent Board Committee (IBC) of RCSL, supported by Herbert Smith Freehills Kramer and Morgans Financial, is reviewing the revised offer.
🛡️ Iris Cairns Right to Match:
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Iris Cairns Property, under the Takeover Bid Implementation Agreement (11 July 2025), retains a contractual right to match any superior proposal.
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RCSL has reiterated its existing recommendation in favour of Iris Cairns’ offer, which remains subject to regulatory and expert approvals.
📰 Wider Market Context:
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The development coincides with:
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An independent compliance review highlighting issues at SkyCity Adelaide.
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The Star Entertainment finalising asset transfer agreements with JV partners in Brisbane and the Gold Coast.
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