Accor has sold its stake in Cairns’ Reef Casino for AUD$85 million as part of its asset management strategy.
It included includes a 29% stake in Reef Casino Trust (RCT), a listed entity, as well as its
50% stake in the related businesses of RCT, i.e. Casinos Austria Cairns, and Reef Corporate Service.
The Reef Casino is a complex located in Cairns, Queensland, which includes a 128 room hotel operated under the Pullman brand and a Casino with over 500 gaming machines.
It has been revealed the buyer is Aquis, a Hong-Kong based Investment Company and the agreement is submitted to 90% acceptance for the IPO of RCT, and to regulatory approvals.