Michael Gunner
Chief Minister of the Northern Territory
Chansey Paech
Minister for Central Australian Economic Reconstruction
Media Release
Driving Investment in Australia’s Inland Capital
4 April 2022
One of Australia’s fastest-growing hospitality developers will invest $70 million within the next five years to further transform tourism and boost 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.
Today, the company outlined concept designs to Government, with minor works already underway and further construction expected to commence later this year.
The project is expected to create over 500 new jobs during construction. A further 500 full-time positions will be created once the precinct is operational, nearly doubling the current workforce.
The announcement follows positive negotiations with the Territory Labor 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 per cent for the first ten, with an extension to follow based on new performance targets being met.
The Territory Labor Government values private investment as a key driver for its strategy to create more jobs and grow a $40 billion economy by 2030.
Iris Capital’s investment compliments the Territory Labor Government’s record $250 million commitment to Alice Springs announced earlier this month.
The package, which includes construction of the National Aboriginal Art Gallery precinct and fast-tracking 350 new lots of land, is the single largest investment seen in the town this century.
Quotes from Chief Minister Michael Gunner:
“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.”
Quotes from Minister for Central Australian Economic Reconstruction Chansey Paech:
“This is an exciting announcement for Australia’s Inland Capital, off the back of the Territory Labor Government’s record investment into Alice Springs, with the National Aboriginal Art Gallery as its centrepiece.
“Together these investments will revitalise the town, create more jobs for Territorians, and more opportunities for local businesses to expand.”
Quotes from Iris Capital CEO Sam Arnaout:
“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.
