Iris Capita, an Australian hospitality and development firm has pledged over $100 million to upgrade Lasseters Hotel Casino after it acquired the property this October.
Lasseters is situated in the remote town of Alice Springs and was previously owned by Singapore’s Lasseters International Holdings prior to the property’s sale to Iris Capital in April. The site exchanged hands for $105 million, a deal which was finalised this October after the new owner secured regulatory approval to operate the casino.
Iris Capital’s CEO, Sam Arnaout, stated that the company is in the process of doubling its investment through upgrading the existing infrastructure and adding a new hotel.
“We are well advanced in discussions with the Northern Territory Government in relation to recapitalising the asset. Our master plan for Lasseters incorporates a new hotel offering within a fully integrated resort and includes a repositioned casino floor with significantly expanded food and beverage offerings,” he said.
“The investment is aimed at capturing pent-up demand for new domestic tourism destinations, as well as the international travel market, while also capitalising on the mining industry’s connection to the region. We are taking a first-mover position with a significant investment that we believe will provide the catalyst for further investment in the region,” he continued.
Arnaout went on to elaborate on details of the project, saying,
“We’re putting the pedal to the metal to make sure the hotel and casino are ready to go in line with the government’s tourism vision for the region. We believe our plans will be a major shot in the arm for local stakeholders and other investors. With international flights already servicing Alice Springs, the infrastructure is there for this region to attract further investment by tourism operators and bring the red centre closer to a travel-hungry world market.”
Iris Capital currently operates close to 30 pubs and hotels across Australia with more than 1000 electronic gaming machines under its supervision.
