In an announcement Monday, Sky City reported that it is mulling an investment to the tune of $250 million in its Adelaide Casino. From its reports, Sky City said it was held up in talks currently with the South Australian government over its plans to expand and enhance its Adelaide Casino.

Other than that, Sky City will as well seek to expand and enhance its Hospitality facilities; in a move the firm reiterated is aimed at bolstering the South Australia state government’s plans for the conversion of the Adelaide riverfront into a world class entertainment spot. The South Australian government has repeated its plans aimed at enhancing the Adelaide riverfront into a world class favorite for tourists and travelers into the region.

Sky City’s move comes amidst these plans, said the firm. In that line, Sky City expects the A$250 million investment to support developments that have been planned by the South Australian state government, inclusive of the Adelaide Convention Centre and Adelaide Oval redevelopment, Sky City reported.

Even though the investment is still subject to a number of necessary approvals, Sky City said the Adelaide Casino’s investment plan will result in the expansion and enhancement of the current facility towards the riverfront. Sky City’s investment plans are inclusive of new and expanded gaming facilities, such as private gaming areas, dedicated car parking and the development of fresh sports bars, bars and restaurants.

As a result, the expected developments are hoped to enable the Adelaide Casino compete fairly with other entertainment players in Australian major cities that attract a huge number of visitors yearly. Nigel Morrison, Sky City managing director, said the planned expansion of the firm’s Adelaide Casino stands to create a facility that meets Adelaide’s scale and stature as one of the foremost Australian cities.

The Adelaide Casino is South Australia's only casino destination and the city's most exciting gaming and entertainment venue. It is the city's 10th largest employer and injects around $30 million into the State each year through the employment of over 1000 staff, as well as paying approximately $19 million annually in State taxes.

SKYCITY Entertainment Group is a New Zealand corporation whose core business is owning and operating casinos in Australasia. It is the smallest of four major players operating in the market. The company's shares are traded on both the Australian and New Zealand Stock Exchanges.

31 Aug 2010