REL: 1440 HRS Sky City Entertainment Group Limited (NS)
GENERAL: SKC: Skycity Adelaide Redevelopment
Skycity Entertainment Group Limited today announces a A$20 million first stage of a potential A$70 million redevelopment plan for its SKYCITY Adelaide property.
This first stage of the plan comprises development of currently unoccupied space at the front of the building, fronting North Terrace and Station Road.
Included in the development work will be a gaming area incorporating 20 table games and 120 gaming machines, street frontage food and beverage outlets, a new bistrostyle restaurant (300 seats) and private function room, a mezzanine level cocktail bar and a street level pub/bar.
Of the 120 gaming machines incorporated in the new gaming area, approximately 30-40 will be additional to the existing complement. The majority of the 20 table games incorporated in the new gaming area, will be in substitution of existing table games currently located on the main gaming floor.
Stages 2 and 3 of the proposal involve a potential further investment of A$50 million but final decisions regarding extent of investment are conditional on a range of factors including customer response to stage 1, economic conditions, and developments in the regulatory environment.
The additional stages, if fully implemented, will include a new underground carpark (450 spaces), a dedicated entertainment facility for premium concerts and special events, redevelopment of the main gaming areas, and an upgrade of Station Road.
Stage 1 of the redevelopment is scheduled to be fully perational by December 2004. Stages 2 and 3 remain subject to confirmation but would be anticipated to be scheduled for completion in FY05/FY06 and FY07 respectively.
End CA:00095271 For:SKC Type:GENERAL Time:2003-12-02:14:40:08
SKC Price at posting:
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