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

[Alyx]

MELBOURNE-based property giant Grocon has set its sights on the $1.1 billion Riverbank redevelopment.

Speaking to the City Messenger this week, Grocon chief executive Daniel Grollo said the company was considering vying for the project and would lodged an official expression of interest.

Announced last week, the Riverbank and Adelaide Oval redevelopment will include a bigger Adelaide Convention Centre, a $250 million SkyCity Casino upgrade and a retail promenade.

“We’ve certainly made ourselves aware of it,” Mr Grollo said. “And our plans are that we’d certainly look at participating in this project, when we know exactly what the plans are and what the methodologies will be.”

Grocon is Australia’s largest privately-owned construction and development enterprise and has built most of the nation’s tallest buildings including the 297 m Eureka apartment complex in Melbourne, the Melbourne Crown Casino and the Melbourne Convention Centre.

The company is developing a $50 million project at the RAAF defence base in Edinburgh, and is set to establish a new office in Adelaide.

Mr Grollo said Grocon was also interested in large-scale CBD commercial office projects, although no ventures were happening “at the moment”.

He said the company was also looking at developing the multimillion dollar Atrium office tower on Franklin St, along with a number of other local developers.

“If companies are looking for office space in the CBD we’d certainly consider those projects, but they’d need to be relatively large transactions.

“Adelaide already has some very good development and property capabilities so we’d only participate when the project is big enough to warrant us coming over with our expertise.”

http://city-messenger.whereilive.com.au ... iver-plan/

[spiller]

That is some endorsement

[Will]

From the Advertiser:

Adelaide Casino's $250m upgrade progressing

MEREDITH BOOTH From: AdelaideNow February 17, 2011 12:00AM


ADELAIDE Casino owner Sky City has shortlisted two designs for its $250 million riverside redevelopment.

One of the designs is from an SA-based architect, chief executive Nigel Morrison said.

The New Zealand-based group, which announced a 2.2 per cent fall in net half year profit of $51 million yesterday, said plans were well progressed for the redvelopment to include a boutique hotel, expanded gaming facilities, bars, restaurants and carparking.

Mr Morrison, who will unveil more detail on the development in a couple of weeks, said Adelaide also had great potential to increase its visits from high-roller gamblers from interstate and overseas with relaxed regulation on gaming machines.

He said international gamblers from China and Thailand helped double revenue at its Auckland casino in the first half to $1.1 billion, something Adelaide Casino could capitalise on.

"These players can spend $20,000 to $30,000 on a gaming machine. This is probably like you or I spending $10. But in Adelaide they all work with coins," Mr Morrison said.

He said SA needed to relax regulations, in line with the nation, to allow credit card-style machines in its VIP gaming areas for these "high net worth individuals", some of them locals flown to interstate casinos rather than in Adelaide.

"The Government's losing a lot of tax on that."

Adelaide Casino lifted revenue by just $500,000 to $74.4 million but pre-tax earnings climbed 5.6 per cent to $16.1 million in the six months to December 31 thanks to "good cost controls and food and beverage revenue", Mr Morrison said.

Smoking bans in Darwin impacted on Australian casino earnings which fell 2 per cent to $NZ47.2 million and the economic environment this year would contine to remain "challenging", he said.

He said the casino mirrored the fortunes of Australian discretionary retailers.

Sky City reiterated its full year profit forecast would be about $96.1 million

[[Shuz]]

Casino-related discussion to be moved here.

[Ben]

[Waewick]

$300M is alot of coin

I'm really looking forward to what they come up with.

A hotel, and upgrade of the existing casino will be a fantastic addition to the area.

[Waewick]

[Dvious]

Is that a new render or is that the one we all saw last time around?

[Matt]

http://youtu.be/5qjSZA4PGSc

Any ideas where to find that fly-through?

[Matt]

Answered my own question...

http://m.video.theaustralian.com.au/231 ... um=twitter

[claybro]

So SkyCity are prepared to stump up $300MIL for this developement...it looks awsome, and yet the usual suspects are on the media tonight bleeting about how they should not receive tax breaks, and the money should be spent on protecting the poor problem gamblers and not encouraging more with this expansion. I do admire some of Nick Xenephons quirky politics but in this case Nick and the bleeding heart brigade....please just SHUT UP ALREADY!

[dj_fishy]

From the initial renders and information at hand - I'm rather underwhelmed. The site has a lot of potential and I don't really see anything overly new in this proposal except a generic extension and a new hotel. Am I missing elements that make this "world class"?

[ml69]

From the initial renders and information at hand - I'm rather underwhelmed. The site has a lot of potential and I don't really see anything overly new in this proposal except a generic extension and a new hotel. Am I missing elements that make this "world class"?

World-class is just marketing spin in my opinion. What they're saying is that it will be a big improvement on the RSL club feel which the casino has at the moment.

Don't get me wrong, I'm not knocking it at all, I think it will still be very impressive. But I think the world-class tag is a rather overused these days.

[crawf]

It's more than likely the design will change again *fingers cross*

The crucial part of this future expansion, is how is it going to inter-grade with the wider riverbank precinct? eg the footbridge, promenade, riverbank gateway, festival square etc.

[Waewick]

well, the world class tag is easy to use because it doesn't really have a meaning at all and if it wins awards for excellence there can be no suggestion it isn't.