SkyCity says its $330 million expansion of Adelaide Casino is on time and on budget
THE $330 million expansion of Adelaide Casino is on time and on budget, operator SkyCity Entertainment has told shareholders.
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THE $330 million expansion of Adelaide Casino is on time and on budget, operator SkyCity Entertainment has told shareholders.
At the company’s AGM in Auckland today, chief executive Graeme Stephens said the project was on track for completion by the end of 2020, following the commencement of works in June.
“(We had) improved performance in Adelaide (last financial year) which is great to see, and a very sharp focus on Adelaide as we expand and invest there,” he said.
“We need to continue to deliver year-on-year improvement.
“I’m pleased to say that the Adelaide expansion is both on time and on budget, it’s going really well.
“It’s early days but as early as the days are, things could be going wrong but thankfully they’re not - (we have) a very good contractor on site and so far so good.”
Builder Hansen Yuncken commenced work on the expansion in June, with the project expected to create up to 1000 construction jobs and 800 permanent jobs on completion.
Under an agreement struck with Walker Corporation, SkyCity will have exclusive rights to lease 750 of the 1500 car parks being developed adjacent to the casino.
SkyCity deputy chairman Bruce Carter said the additional car parking would provide a “significant uplift” to the casino’s performance.
“It will serve two aspects,” he said.
“It will serve the casino plus the hotel - that’s been (lack of car parks) a handbrake on our business to date.”
SkyCity said the sale of its Darwin casino was “nearing conclusion”, having identified a number of parties with an interest in acquiring the asset.