New owners of Lasseters Casino Hotel reveal $100m upgrade plans

The new owners of Central Australia’s only casino have revealed their plans for the property after formally acquiring it.

THE new owners of Lasseters Hotel Casino in Alice Springs plan to spend more than $100m on the property to turn it into a world-class tourism destination.

Sydney-based company Iris Capital settled the $105m acquisition on Wednesday, then swiftly announced its plan for a major facelift of the iconic property.

Iris Capital acquired Lasseters Hotel Casino from long-term owner and Singapore-listed group Lasseters International Holdings, after securing regulator approval from the NT government.

Iris Capital chief executive Sam Arnaout said they were plans for a major expansion of the resort.

“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.”

More than $100m will be spent on upgrading the Lasseters Hotel Casino in Alice Springs. Picture: SUPPLIED

The property has a 4.5 star hotel with 205 rooms operating and a fully equipped commercial health club, a day spa, Alice Springs Convention Centre, international standard casino with 320 electronic gaming machines and multiple restaurants and bars.

It shot to international fame after being featured in the 1994 Australian classic Priscilla Queen of the Desert.

“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,” Mr Arnaout said.

“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.”

Lasseters chief executive Craig Jervis said the investment in the property would benefit the Central Australia region.

“As the region’s largest private employer we’ve gone from having 20 employees in the depths of the pandemic to slowly building up to 300 employees now – with borders opening it is going to be a very exciting time for Alice Springs and the Northern Territory,” he said.

“The future plans will only add to the economic benefits of the region and we’re very keen to deliver in the future for the benefit of the broader community.” Iris Capital’s plans for Lasseters Hotel Casino are still subject to government approvals.