Iris Capital, an Australian development and hospitality group, has announced its plans to spend over 100 million Australian dollars on upgrading Lasseters Hotel Casino in Alice Springs after having bought the property in October.
Lasseters Hotel Casino, located in the remote town of Alice Springs, was previously owned by Lasseters International Holdings from Singapore. In April, the negotiations between Lasseters International and Iris Capital were concluded and the two parties agreed on a compensation of 105 million Australian dollars for the property.
However, the sale was not settled until October as the new owners had to undergo specific procedures before being granted regulatory approval to actually operate the casino. Alice Springs is located in Australia’s Northern Territory, halfway between Darwin and Adelaide, which are both no less than 1,500km away.
Now that the sale was finally settled, Sam Arnaout, the Chief Executive Officer of Iris Capital, revealed that the new owner is determined to double its investment in the property by upgrading the existing infrastructure and also by adding a brand new hotel to the complex.
“We are well advanced in discussions with the Northern Territory Government in relation to recapitalising the asset,” Sam Arnaout said. The Chief Executive Officer of Iris Capital added that the property should become “a fully integrated resort” with “a repositioned casino floor”.