Adelaide Casino expansion to begin within weeks, building contract to be awarded soon
THE “jewel in the crown” of the Riverbank precinct will start taking shape within weeks, as the $330 million expansion of Adelaide Casino begins.
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THE “jewel in the crown” of the Riverbank precinct will start taking shape within weeks, as the $330 million expansion of Adelaide Casino begins.
Owner SkyCity Entertainment yesterday revealed it had found a builder for the long-awaited project and is due to finalise a major construction deal this month.
A letter of intent has been signed with the unnamed builder and a contract is imminent.
Major work will begin before the end of June.
The multi-storey, glass-walled addition to the casino, originally planned to be completed in 2016, will now be ready in 2021.
A new luxury hotel, three new signature restaurants and premium gaming areas are part of the expansion. The dining hall of the main concourse of the Adelaide Railway Station will be converted into a sports bar. A car park will also be completed by 2021.
Tourism Minister David Ridgway welcomed the update. “The progression of the Adelaide Casino development is exciting news for South Australia, particularly our tourism industry and the vibrancy of our Riverbank precinct,” he said.
When work starts, it will be a milestone in the transformation of the Riverbank, first proposed in 2011 to include biomedical, entertainment, arts and education precincts.
The vision gained momentum when SkyCity announced its expansion plans in 2012 after reaching new regulatory agreements with the former Labor government led by Jay Weatherill, who described the development as a “jewel in the crown” of the precinct.
New Zealand-based SkyCity, which is listed on the Australian sharemarket, revealed the new expansion details in its investor presentation to shareholders yesterday.
It expects the expanded casino is “likely to take 3-4 years post-expansion to reach full potential”.
“Expansion should significantly increase revenue and earnings at the property and deliver acceptable return,” it said.
Property Council of Australia SA executive director Daniel Gannon said the casino project was one of the final pieces in the complex development puzzle of the Riverbank.
“Like Melbourne’s Southbank and Sydney’s harbour, the Riverbank precinct is fast becoming Adelaide’s exportable postcard shot,” he said.
“When property professionals shape city skylines, they also shape human behaviours.
“Projects like the redeveloped Adelaide Oval, Adelaide Convention Centre, SAHMRI and Adelaide Casino have and will continue to change the way that locals, tourists and investors look at Adelaide and South Australia.”
SkyCity has invested in Adelaide Casino in recent years to upgrade ageing infrastructure and open new restaurants Sean’s Kitchen and Madame Hanoi. The presentation emphasised the need for more upgrades to the current casino to “ensure integration between the old and new buildings and maximise overall returns”.
Premier Steven Marshall has promised to “turbocharge” development within the Riverbank precinct. But the Government is scrapping Labor’s Riverbank Authority, which was established in 2014.
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