South Australia's parliament has passed legislation allowing Auckland-based casino operator SkyCity to extend and upgrade the Adelaide Casino.
SkyCity Entertainment Group said in December that it had reached agreement over the development following two and a half years of negotiations, subject to approvals.
The agreement "levels the playing field with our regional competitors", chief executive Nigel Morrison said at the time.
Yesterday South Australia's legislators passed the Statute Amendment (Gambling Reform) Act, allowing SkyCity a 20-year extension to its exclusive licence for the Adelaide Casino to 2035, the introduction of cashless gaming, lower taxes on VIP gambling, and an increase in the number of poker machines and gaming tables.
"SkyCity will invest over A$300 million (NZ$344m) to transform the Adelaide Casino into a world-class integrated entertainment complex which will include Adelaide's first six-star boutique hotel, celebrity and signature restaurants, world-class VIP gaming experiences ... all as part of the new entertainment precinct on the banks of the River Torrens," Morrison said.
These kinds of integrated entertainment complexes were vital to attracting high-end Asian - particularly Chinese - tourists, he said.
"Our development will help South Australia attract a greater share of this lucrative and growing market."
The deal would create jobs and economic growth and complement the redeveloped Adelaide Oval and the new and expanded Adelaide Convention Centre, Morrison said.
SkyCity has also reached a NZ$402m agreement with the New Zealand government to build and run an International Convention Centre in Auckland.