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Sky City may spend $250m on Adelaide casino

Monday 30th August 2010

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Sky City Entertainment Group may spend as much as $250 million on its Adelaide Casino complex as part of the state government’s riverfront development plans.

The investment would see Adelaide Casino expand towards the river front, with enlarged gaming facilities, bars, restaurants and car parks, the Auckland-based company said in a statement.

Adelaide has been a standout for Sky City in the past two years, posting a 7.1% gain in earnings before interest, tax, depreciation and amortisation to A$31.5 million, the second straight record. Food and beverage revenue climbed 17% and gaming machines rose 5%.

The new investment would dovetail with the state government’s vision for a Riverbank Precinct, including redevelopment of the Adelaide Convention Centre and Adelaide Oval redevelopment.

“Our objective is to deliver a casino in Adelaide which can compete on equal terms with other casinos in Australia and be a key part of the Adelaide Riverbank Precinct,” said managing director Nigel Morrison.

The shares rose 3 cents to $2.91 on Friday and have declined 15% this year.

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