Hospitality magnate Sam Arnaout will take control of the Cairns Reef Hotel Casino in a near $200 million deal that ends a months-long campaign to acquire the facility and adds a fourth casino to the billionaire’s burgeoning portfolio of pubs, hotels and gaming venues.
The 128-room hotel and its associated gaming facility are held in an ASX-listed property fund, the Reef Casino Trust, in which Arnaout has steadily increased his stake after first approaching it in February last year.
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