SkyCity committed to Adelaide Casino revamp despite 12 month delay

ENTERTAINMENT group SkyCity remains committed to its $300 million Adelaide Casino redevelopment despite pushing out the completion date by at least 12 months.

ENTERTAINMENT group SkyCity remains committed to its $300 million Adelaide Casino redevelopment despite pushing out the completion date by at least 12 months.

The company said on Wednesday that it expects the project to be completed by early 2020, with site preparation to commence later this year and construction to begin in the second half of 2017.

Late last year, the then-SkyCity chief executive, Nigel Morrison, said he expected the project to be completed by the end of 2018. However, a company spokesman said “making all the arrangements between the various parties and stakeholders involved in the riverbank precinct is complicated, and it’s taking a little longer than we thought”.

“Completion of the expansion is now likely to occur in late 2019 or early 2020,” he said.

It is understood that delays in the approval process for Walker Corporation’s $600 million Festival Plaza revamp have impacted the casino’s plans, which include leasing almost half of the 1560-spaces in a new underground carpark.

An artist’s impression of how the Adelaide Casino could look once SkyCity completes its $300 million redevelopment.

Other aspects of the Plaza development include a 24-storey office tower and a two-storey complex of restaurants, luxury shops, cafes and bars.

Walker Corporation has previously said that it wouldn’t comment “until the appropriate time”, while Urban Development and Infrastructure Minister Stephen Mullighan declined to comment on the status of the approval process.

SkyCity said it understands that Walker Corporation is “making good progress” and is “close to finishing its development agreement”.

Minimising disruption to existing facilities in the precinct, including the Adelaide Convention Centre and Adelaide Oval, is also a key focus of the State Government and other stakeholders. A spokesman for Adelaide Oval’s stadium management authority said it’s been briefed on the scope and timeline of the projects.

“We’re all committed to minimising the impact on patrons as much as possible,” he said.

SkyCity placed its shares in a trading halt on Wednesday while it embarks on a $243.2 million capital raising effort that will help fund the Adelaide project, as well as other capital endeavours.

Existing shareholders of the Auckland-based company are being offered the opportunity to purchase one share for every 10 they hold, at a price of $NZ4.40 each. Trading in the company is expected to recommence on Monday.

“The new equity is expected to provide sufficient funding capacity and headroom to fund major growth projects and maintain (BBB) credit rating,” the company said.

SkyCity is currently seeking a group chief executive and general manager for the Adelaide Casino. A spokesman said there was no timeline set for the appointments.

“We are conducting an international recruitment search for both positions,” he said.

The Adelaide Casino expansion includes an 11-storey building with a luxury hotel, high-end gaming rooms and restaurants. The proposed hotel would include 80 rooms overlooking the River Torrens and private gaming suites.

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The upgraded Convention Centre, right, is undergoing changes. Pic: Naomi Jellicoe

Theatre has a double act, but not for long

IT may look like the bigger brother of the Festival Centre now, but the ­Adelaide Convention Centre expansion is set to change rapidly before its scheduled completion next year.

In the past few weeks, work has moved along quickly as insulation has begun covering the shell of the new centre in white, making it reminiscent of the Festival Centre design.

However, in the coming months further works will transform the centre into a tan-like brown, similar to that of the first Convention Centre expansion, which opened in March 2015, complete with stunning glass frontages overlooking the river.

Stage two of the redevelopment replaces the original Plenary Building with a larger, multipurpose facility with a capacity of up to 3500 seats.

A spokeswoman for the centre said the expansion is scheduled for completion in mid-2017.