Latest Hospitality And Gaming News

The Star Entertainment returned to positive quarterly EBITDA in Q1 FY27, with Sydney and Gold Coast revenue recording year-on-year growth for the first time since quarterly reporting began. The improvement comes alongside negative reported operating cash flow, continuing casino licence restrictions and unresolved going-concern uncertainties.

Iris Cairns Property has opened an unconditional $4.67-per-unit takeover offer for the remaining units in Reef Casino Trust, after building an 85.77% stake through its initial bid. The offer values the remaining units at up to approximately A$33.1 million and could lead to compulsory acquisition and ASX delisting.

Iris Cairns Property has lodged a formal, unconditional cash offer for the Reef Casino Trust units it does not already own, valuing the maximum transaction at about A$33.1 million. The bid gives remaining unitholders a 29.54% premium to the latest pre-offer closing price, but points towards tighter liquidity, possible delisting and lower future distributions.