[COM] SkyCity Adelaide Casino Expansion | 55m | 12 Levels | Hotel

[Ben]

From todays 1st half profit annoucement. Nothing much new to update other than they are looking at expanding the hotel more then the previous plans increasing the cost to over $350m.

[Smithy85]

Thought we were close to an announcement on this one (as per article late last year below) but has gone very quiet...

http://www.news.com.au/national/south-a ... 7115278794

[Wayno]

The last point with regards number of car parks and who gets the income is apparently a sticking point...

[monotonehell]

The last point with regards number of car parks and who gets the income is apparently a sticking point...

"With regards" is a sign-off. I think you (and many other people) mean "regarding" or "concerning".

With regards,
Monotonehell,
resident pedant.

[Wayno]

The last point with regards number of car parks and who gets the income is apparently a sticking point...

"With regards" is a sign-off. I think you (and many other people) mean "regarding" or "concerning".

With regards,
Monotonehell,
resident pedant.

Sorry, you are correct. My excuse - I've worked at an American company for 13 years. Anything goes. I spent 2 hours this morning scrubbing my VPs 'team vision & mission' statements. It was like this:

us-english.jpg (145.47 KiB) Viewed 4796 times

[Patrick_27]

I don't support Walkers plans to build a hotel behind old Parliament House. No building of any design will sit nicely behind there, it's too crowded as it is and will make the landscape from the AO side of the Torrens looks horrible.

Whilst there is more money and risk involved. It would have made more sense for the government to buy the InterContinental and sell that, the old plenary building and the government offices to Walker and let him have all rights to build a new multi-purpose building on the site (hotel, casino, retail, cinemas, theatres, etc) and lease these back out to SkiCity, InterContinental, etc. Move the government offices affected into the Railway Station upper levels. Would help too with tidying up the area and it's many stairs. Furthermore, add more car-parking to the area by finding a way to build a few levels of parking under the rain-tracks without having to terminate services for a yea or more.

[Smithy85]

Didn't take long....

http://www.news.com.au/national/south-a ... 7268983787

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.

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.

[monotonehell]

A CARPARK deal has removed a roadblock to the Adelaide Casino’s planned $350m redevelopment of the riverbank precinct.

Can we just take a moment to recognise this beautiful mixed metaphor? It's almost sportspersons' worthy.

[Wayno]

A CARPARK deal has removed a roadblock to the Adelaide Casino’s planned $350m redevelopment of the riverbank precinct.

Can we just take a moment to recognise this beautiful mixed metaphor? It's almost sportspersons' worthy.

yeah good one. lol...

Made me think of Joh: They have cooked their own goose and now they have to sit in it.

[Patrick_27]

Not completely relevant, but thought it were worth sharing as a comparison to what is planned for the Adelaide Casino.

Perhaps SkyCity should go back to the drawing board?

http://www.brisbanetimes.com.au/busines ... l_facebook

[Ben]

Skycity announced their full year profits today and updated shareholders on their projects. Unfortunately sounds like this project is very far away from starting. Nothing new to report just "continued work on Adelaide redevelopment concepts". No funding has been secured for this project yet either. Its a shame we have Skycity as our operator when all the other cities have successful operators with multi billion dollar development pipeline. Imagine if we had Crown instead of Skycity. Things would be very different. The government made the wrong decision in renewing their lease as the sole operator in SA IMO. They got caught up in Skycitys spin about what they were going to do for Adelaide. Makes a change to see the tables reversed.

As far as I'm concerned all their redevelopment did was alienate the SA public and restrict access that was previously available to half their building to "VIP's". The publically accessible area of the casino is now tiny. A good third of what it was.

[Jaymz]

Skycity announced their full year profits today and updated shareholders on their projects. Unfortunately sounds like this project is very far away from starting. Nothing new to report just "continued work on Adelaide redevelopment concepts". No funding has been secured for this project yet either. Its a shame we have Skycity as our operator when all the other cities have successful operators with multi billion dollar development pipeline. Imagine if we had Crown instead of Skycity. Things would be very different. The government made the wrong decision in renewing their lease as the sole operator in SA IMO. They got caught up in Skycitys spin about what they were going to do for Adelaide. Makes a change to see the tables reversed.

As far as I'm concerned all their redevelopment did was alienate the SA public and restrict access that was previously available to half their building to "VIP's". The publically accessible area of the casino is now tiny. A good third of what it was.

Yep. I just finished reading an article about Skycity's full year results, and it does mention that the performance of Adelaide casino was well below par.
It also sounds like it's Darwin casino turned a bigger profit than Adelaide, a bit sad considering the difference in population between the two cities.

[Waewick]

Skycity announced their full year profits today and updated shareholders on their projects. Unfortunately sounds like this project is very far away from starting. Nothing new to report just "continued work on Adelaide redevelopment concepts". No funding has been secured for this project yet either. Its a shame we have Skycity as our operator when all the other cities have successful operators with multi billion dollar development pipeline. Imagine if we had Crown instead of Skycity. Things would be very different. The government made the wrong decision in renewing their lease as the sole operator in SA IMO. They got caught up in Skycitys spin about what they were going to do for Adelaide. Makes a change to see the tables reversed.

As far as I'm concerned all their redevelopment did was alienate the SA public and restrict access that was previously available to half their building to "VIP's". The publically accessible area of the casino is now tiny. A good third of what it was.

Yep. I just finished reading an article about Skycity's full year results, and it does mention that the performance of Adelaide casino was well below par.
It also sounds like it's Darwin casino turned a bigger profit than Adelaide, a bit sad considering the difference in population between the two cities.

sad depending on how you look at it.
I'd also add, Darwin has far more cash floating around at the moment.

[Patrick_27]

Skycity announced their full year profits today and updated shareholders on their projects. Unfortunately sounds like this project is very far away from starting. Nothing new to report just "continued work on Adelaide redevelopment concepts". No funding has been secured for this project yet either. Its a shame we have Skycity as our operator when all the other cities have successful operators with multi billion dollar development pipeline. Imagine if we had Crown instead of Skycity. Things would be very different. The government made the wrong decision in renewing their lease as the sole operator in SA IMO. They got caught up in Skycitys spin about what they were going to do for Adelaide. Makes a change to see the tables reversed.

As far as I'm concerned all their redevelopment did was alienate the SA public and restrict access that was previously available to half their building to "VIP's". The publically accessible area of the casino is now tiny. A good third of what it was.

I completely disagree. Adelaide Casino is one of SkyCity's biggest assets (behind Auckland) I'm sure if there were an overwhelming demand and our government provided further clarity on their plans for the area SkyCity would move quicker with their own plans, unfortunately I don't think there is the demand even with the oval expansion. Adelaide's nightlife is in a weird transitional funk with the shift from shit nightclubs to boutique bars and our casino is not necessary in the most conveniently located area of our city and until there is more happening on the festival plaza I don't see thing anything picking up around there.

As for Crown, they're overrated. If Crown were really interested in the Adelaide they'd have done something about that years ago. If they were here, things wouldn't be different there ideas for Adelaide wouldn't necessarily differ to what they already have in Melbourne and Perth. They'd probably demand the entire riverbank precinct for their use and build a casino that's bigger than what this city needs.

[rev]

So what guarantees where put in place by the government for the redevelopment by sky city to go ahead by a certain date before they agreed to renew their lease or whatever?