Skycity Adelaide Casino reaches carpark agreement with Walker Corp, bringing expansion step closer
A CARPARK deal has removed a roadblock to the Adelaide Casino’s planned $350m redevelopment of the riverbank precinct.
A CARPARK deal has removed a roadblock to the Adelaide Casino’s planned $350m redevelopment of the riverbank precinct.
The casino will finalise its expansion plans in the coming months now it has signed a deal with Walker Corp to lease 750 spaces in the new Festival Centre carpark.
Having access to more car parks was a key requirement for the casino to go ahead with its $350 million plan.
In a statement this morning, SKYCITY chief executive Nigel Morrison said the company was pleased the State Government and Walker Corp had reached agreement on the “critical” $610 million redevelopment of the Festival Plaza precinct, including the 1560-space carpark.
“With the announcement of this development and the key terms of the car park lease now confirmed, SKYCITY can now progress its plans to transform the Adelaide Casino into a world-class integrated entertainment complex,” he said.
“We continue to explore a range of different expansion options and hope to finalise these plans over the coming months.”
Under the agreement Walker Corporation must start development of the Festival Plaza underground car park by July next year and must achieve practical completion by no later than December 31, 2018.
The Government has planned for the project to be completed within three years in hopes it would be opened before the March 2018 state election.
Mr Morrison said the plaza redevelopment was a “major step forward” in creating Adelaide’s premier entertainment, hospitality and cultural precinct.
“(It) will strongly complement the successful redevelopment of the Adelaide Oval and the significant expansion of the Adelaide Convention Centre currently being undertaken,” he said.
SKYCITY has reached agreement with Walker Corp to exclusively lease 750 spaces out of a planned total of 1560 spaces until 2035 for $4.7 million in the first year, rising with inflation each year after.