New Cairns casino in $76.68m public float - Cairns - QLD - Australia
Posted by: 
CADS11
S 16° 55.400 E 145° 46.770
55K E 370025 N 8128523
The Reef Hotel Casino in Cairns
Waymark Code: WM11MJN
Location: Queensland, Australia
Date Posted: 11/13/2019
Views: 1
New Cairns casino in $76.68m public float
BRISBANE: Queensland's fourth casino, the partly constructed Reef Casino in Cairns, is to seek $76.68 million in a public float to open on Monday.
A total of 76.68 million units at $1 each are to be issued by the Reef Casino Trust.
The float follows the Reef Casino consortium being awarded preferred applicant status for the casino licence by the Queensland Government last July.
The licence is to be awarded on the casino's scheduled completion in early 1996.
The consortium comprises international casino operator Casinos Austria International, the Australian Olympic Committee, accommodation group Country Comfort Trust and Country Comfort associate Touraust Management Pty Ltd. In a $200-million project the consortium is to build the casino and an international hotel, to be called the Australis Hotel.
The S76.68 million float is to be underwritten by BT Securities (Australia) Ltd.
Morgan Stockbroking Ltd is the broker to the issue in Queensland.
The consortium had initially planned to raise $100 million equity through a $25 million public float and the placement of $75 million with in stitutional investors.
The proposed float is expected to have substantial institutional involvement. A proportion of shares is also expected to be set aside for north Queensland residents.
Queensland currently has two casinos operating, one on the Gold Coast and the other in Townsville, just south of Cairns. A third casino is currently under construction in Brisbane and is due to open this year.
Both the Brisbane and Cairns casinos belong to public company Jupiters Ltd and the Townsville Casino to the publicly listed Breakwater Island Trust.
From: The Canberra Times, Sa. 15. Jan 1994, Page 49
Type of publication: Newspaper
When was the article reported?: 01/15/1994
Publication: The Canberra Times
Article Url: [Web Link]
Is Registration Required?: no
How widespread was the article reported?: national
News Category: Entertainment
|
Visit Instructions:
Give the date of your visit at the news location along with a description of what you learned or experienced.