SKYCITY signs Agreement with South Australian Government

SKYCITY signs Early Works Agreement with South Australian Government

SKYCITY Entertainment Group has today signed an agreement with the South Australian Government for the start of early works as part of the expansion of the Adelaide Casino and the broader development of the Adelaide riverbank precinct.

These early works will include modifications to Festival Drive, grade levelling, temporary pedestrian access and signage, structural piling, modifications to loading docks and relocation of existing services.

SKYCITY and the South Australian Government will share the cost of the early works, which are expected to commence during the second half of 2016.

SKYCITY also welcomed the announcement today that the South Australian Government and Walker Corporation have reached an agreement for the development of Festival Plaza. Walker Corporation has confirmed its plans to construct a car park, a retail precinct and an office building over the next three years.

Negotiations between SKYCITY and the South Australian Government on the various legal and regulatory agreements for the expansion of the Adelaide Casino continue to progress well.

SKYCITY Interim CEO John Mortensen said the signing of the agreement was an important step towards allowing SKYCITY to proceed with its expansion of the Adelaide Casino.

“We’re delighted that we’ve got agreement on the first phase of work on what will be an amazing rejuvenation of the Riverbank Precinct. SKYCITY’s Adelaide Casino expansion will bring high net-worth visitors to South Australia, providing a significant boost to the tourism industry.’’

SKYCITY is planning to spend up to $A300 million to transform the Adelaide Casino into a world-class integrated entertainment destination, including a boutique hotel, new VIP gaming salons and signature restaurants.

ENDS

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