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Shares in Reef Casino Trust (ASX:RCT) soared more than 40 per cent yesterday after receiving a $276 million takeover bid from a Hong Kong billionaire.
Tony Fung has accelerated his ambitions for a $4.2 billion gambling resort in Queensland through launching the bid to buy the Reef Hotel Casino in Cairns.
The Reef Hotel Casino CEO Allan Tan told the ASX in August all key casino revenue segments of the business posted growth in the first half of 2013.
Mr Fung has launched the bid through his company Aquis Casino Acquisitions Pty Ltd but the proposal is subject to a number of conditions, including Aquis also acquiring Casino Canberra from Reef Casino Trust.
Shares in Reef Casino Trust soared 40.49 per cent following the announcement yesterday to close at $3.99.
Reef Casino Trust reported a net profit of $2.5 million for the first half of the 2013 calendar year.
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