Billionaire Chris Morris circles stalled Reef Casino deal after rival’s bid delayed

Chris Morris is still interested in the Reef Casino Trust.

Multi-billionaire Chris Morris has retained his interest in acquiring the Reef Casino Trust, even though his hospitality rival Sam Arnaout clinched the deal to acquire it back in August.

The pair had been locked in a $200m plus takeover battle for the Reef Casino Trust for most of the year, with the acquisition including the casino and associated Pullman-branded 128 room hotel on the Cairns site.

Earlier this week, Reef Casino Trust announced that Mr Arnaout’s Iris Cairns Property acquisition would be delayed until at least May 31 next year.

Iris Capital, the owner of casinos in Canberra and Alice Springs as well as more than 60 pubs and hotels, takeover offer for Reef Casino Trust gained the support of large shareholders, including Accor and Casinos Austria International, earlier this year. However, the Office of Liquor and Gaming Regulation said it was unlikely the investigations into Iris required under the Casino Control Act 1982 would be finalised by the end of the offer period on March 13, 2026.

Pu baron Sam Arnaout’s purchase of Reef Casino Trust delayed by Queensland’s Office of Liquor and Gaming Regulation.

“Investigations are ongoing and decisions are not expected before the end of May 2026,” the Reef Casino Trust said in a statement to the ASX on Tuesday.

Under bidder, the high profile Queensland entrepreneur and Computershare founder Mr Morris, executive chairman of Morris Group, said in a statement to The Australian: “We understand the level of scrutiny in a Queensland suitability investigation so a delay in OLGR being able to make a decision is not surprising.

“We believe a process with Morris Group would have been much faster, benefiting shareholders, as we already have a license in Queensland. Morris Group remains interested if the opportunity arises,” Mr Morris said.

In May, Mr Arnaout, a former panel beater, expanded his holdings beyond pubs and hospitality buying Sydney’s St Ives Shopping Village for $450m. He does not yet control any casinos in Queensland.

Mr Morris owns The Ville Resort-Casino in Townsville and the new Ardo hotel. He also owns Orpheus and Pelorus Islands, as well as a fleet of helicopters.