Lassiters Hotel Casino to expand with $70 million investment

Australian hospitality group, Iris Capital, plans to invest $70 million within the next five years on expanding Lasseters Hotel Casino - further transforming tourism and boosting visitation in Alice Springs.

Iris Capital purchased Lasseters Hotel Casino last year, with plans to expand the establishment into a multi-million dollar international casino and hotel precinct.

Headed by Sam Arnaout, Iris Capital acquired Lasseters Hotel Casino from its long-time owner, the Singapore-listed group Lasseters International Holdings, after securing regulatory approval from the Northern Territory Government to operate the casino following an exhaustive seven-month process. Approval was given 8th October 2021.

Today, Iris Capital outlined concept designs to Government, with minor works already underway and further construction expected to commence later this year.

It is also expected to create more than 500 new construction jobs and 500 full-time positions when the new-look casino is fully operational, almost doubling the current workforce.

The announcement follows positive negotiations with the Northern Territory Government, with the Casino Operating Agreement to be extended for a further 20 years, and the Gaming Machine Taxation rate to be fixed at the current 15% for the first ten, with an extension to follow based on new performance targets being met.

Iris Capital’s investment compliments the Territory Government’s $250 million commitment to Alice Springs with the package, which includes construction of the National Aboriginal Art Gallery precinct and fast-tracking 350 new lots of land, being the single largest investment seen in the town this century.

Northern Territory Chief Minister Michael Gunner notes “Alice Springs is Australia’s Inland Capital and Government and private investment is leveraging the town as a new must-do destination for both business and tourism.

“The presence of Iris Capital is already having a big impact on the ground in Alice Springs, and we look forward to continuing to work with the company as the upgrades begin to take shape.

“Private investment is a key driver in our economic comeback, and we are continuing to hunt and secure every opportunity to ensure we keep creating jobs for Territorians, as well opening up new investment opportunities for businesses.”

Arnaout advises “Iris Capital is excited by the opportunity to revitalise and reposition Lasseters as a truly international standard offering.  The significant upgrade will compliment other initiatives in Alice Springs, such as the National Aboriginal Art Gallery.  Alice Springs deserves a high end resort and convention centre facility that will attract additional interstate visitation in turn creating jobs and other economic benefits for the region.

“The jobs created during the construction phase and operationally with the increased visitation from the integrated resort, casino and convention centre will attract, reinforces Lasseters as the economic engine for Australia’s Inland Capital.”