SkyCity gets Adelaide nod

Last updated 09:34 26/07/2013
SKC 4.770 -0.06 -1.24%
SKC

Click for a detailed chart

Adelaid Casino
GREEN LIGHT: SkyCity has been given the nod by South Australia's parliament for its planned Adelaide Casino revamp.

Relevant offers

Industries

Panama Papers: Banned Chinese finance worker operating in Auckland Instagram gives first taste of new business tools to NZ and Australia NZX 50 index sets new record and continues climbing Government directive on housing problems set for release this week, Nick Smith says Panama Papers fallout speeds up NZ's anti-money laundering legislation NZAS expecting tougher market conditions Job hunters vetting employers' online review websites Fox Glacier helicopter company licence suspended after fatal crash Bluff oysters fly out the door, no matter what price Is VDSL broadband as quick as ultrafast broadband in New Zealand?

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.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content