SkyCity Entertainment, the owner of Adelaide Casino has announced an improvement in revenue for the Aussie casino. Speaking at a UBS Investor Conference held in Sydney this week, the group said it saw an overall revenue lift of 1.7 per cent in the first four months of the financial year. SkyCity predicts modest growth in full-year earnings.
During the presentations on Monday, SkyCity Entertainment Group announced that it saw a 1.7 per cent increase in total revenue.
The company’s representatives mentioned that the revenue for the group’s Adelaide Casino also improved. This was due to premium gaming activity, following implementation of new gaming concessions in the capital. However, SkyCity Darwin saw a decline after it was impacted by increased competitive pressures. SkyCity said, however, the trading environment in the region remained soft. The company says it remains on track and believes full-year growth will be modest.
The entertainment group confirmed its plans to transform Adelaide Casino into a world-class casino and entertainment complex. SkyCity says despite the complex being an entertainment centre for Adelaide, Riverbank Precinct will be a significant demand driver for the property once completed.
The tender process for the construction of the project has started, seeking a fixed price and lump sum contract. The project is estimated to cost a substantial A$330m and will consist of; a new 20-storey office tower; Adelaide Casino & Hotel expansion; a new Adelaide Convention Centre; 1500 space car park below ground; festival plaza with retail; upgraded Adelaide Festival centre; and Adelaide Oval, via bridge across the Torrens.
The main works for the project are planned to start in the first quarter of 2018, following early works by the South Australian government. The final completion of the project is expected in the third quarter of 2020.
Adelaide Casino opened its Veuve Clicquot Champagne Bar recently. The luxurious bar offers Adeladians and visitors in general, an array of delicious cocktails and champaign. Customers can grab snacks from Sean’s Kitchen at the spot.
We must say, Adelaide Casino is soaring!