Allwyn AG, a global leader in lottery and gaming operations, has completed a significant internal restructuring to consolidate its control over Australia’s Reef Casino Trust (RCT).
Through an upstream offshore transaction, Allwyn International AG has merged into Allwyn AG, leaving the latter with 67.1% direct voting power in the trust via Allwyn Austria Holding 1.
Internal Streamlining vs. External Takeover
RCT management clarified that this move is strictly “housekeeping” on Allwyn’s part and is entirely independent of the ongoing takeover bid from Iris Cairns. The restructuring does not represent a counter-offer or a competing play for the Cairns-based casino operator; rather, it simplifies the ownership chain as the trust navigates its future under potential new parentage.
Currently, Iris Cairns, part of the Sydney-based Iris Capital, is pursuing a total acquisition of the trust. Earlier this year, Iris increased its offer to AU$3.87 per unit, valuing the deal at approximately AU$192.7 million ($125.6 million).
Regulatory Hurdles and Financial Stability
The deal, originally expected to conclude by mid-March, is now facing delays past the March 31 deadline as Queensland regulators finalize mandatory casino and liquor licensing probity checks. For the takeover to proceed, it requires a minimum 80% acceptance from unitholders. Notably, the trust’s two largest stakeholders, Accor and Casinos Austria International, control 71% of the units and have signaled their intent to support the Iris bid.
Amid the corporate maneuvering, Reef Casino Trust reported a solid performance for the 2025 fiscal year. Net profits rose 6.4% to AU$5.41 million, driven by a 4.8% increase in revenue to AU$26.74 million. Allwyn’s decision to secure direct voting power ensures it maintains a dominant voice in the trust’s governance while Iris waits for the regulatory green light to finalize the acquisition.
