$300m boost for SkyCity’s Adelaide Casino
The Adelaide Casino is set for a $300 million transformation after the state’s development authority gave its approval for a major expansion.
The casino was purchased in 2000 by the Australian Security Exchange-listed SkyCity Entertainment, and licence changes in 2013 paved the way for a doubling in gaming tables and a large increase in gaming machines.
The development, which was approved by South Australia’s Development Assessment Commission, includes a new 11-storey building with an 80-room luxury hotel and additional dining venues.
SkyCity chief executive Nigel Morrison says the redevelopment will create jobs and economic growth for the state.
SkyCity’s Adelaide Casino is set for a $300 million redevelopment.
“SkyCity is committed to developing a world-class, integrated entertainment destination in Adelaide, attracting both international and domestic visitors,” he says.
“This new offering will help South Australia attract a bigger share of high-value international visitors.”
“SkyCity has worked in close collaboration with the planning authorities to secure our vision for this development, ensuring we took on board concerns that were relayed to us about the heritage-listed railway station, which will remain intact under the approved plans.”
Work is expected to begin by June.
The company is hoping the addition of a hotel and upgraded gaming facilities will attract more big-spending overseas patrons, particularly from Asia.
The revamped Adelaide Casino will feature a new 11-storey building with an 80-room luxury hotel.
SkyCity, which is based in New Zealand, operates casinos in Auckland, Hamilton and Queenstown, along with the former MGM Grand Darwin.
The redeveloped Adelaide Casino will be the centre of the $600 million Festival Plaza redevelopment, which will also include a 24-storey office tower, along with a new entertainment precinct.
“The SkyCity Adelaide expansion will be a positive addition to the Festival Plaza redevelopment project that will bring both short-term and long-term employment to many SA across several industries,” Morrison says.
SkyCity expects earnings for the first half of the year of between $170 million and $173 million.
This article originally appeared on www.theaustralian.com.au/property
