Another milestone has been reached in the redevelopment of the Festival Plaza precinct with SkyCity Entertainment today committing to a $330 million expansion of the Adelaide Casino.
This is the final component in the transformation of a long-neglected space into a world-class destination in the heart of the Adelaide Riverbank’s entertainment precinct.
SkyCity’s $330 million development will include a boutique hotel, new signature restaurants, bars and cafes, a rooftop bar and function spaces for up to 750 people for conferences or events.
In a show of confidence in South Australia’s booming tourism sector, SkyCity has decided to increase the number of hotel rooms in the development from 89 to 123, adding an additional level to the plans for the expanded building.
The development will support 1000 jobs during construction and create 800 jobs when complete.
Construction on the expansion of the Adelaide Casino will begin in early 2018 and is expected to be completed in 2020.
Works to refurbish the Adelaide Festival Centre, upgrade the northern promenade and to lower Festival Drive, separating pedestrians from vehicles are already underway.
The Adelaide Festival Plaza is being redeveloped to turn one of the city’s premier locations from a long-neglected space to a revitalised focal point for our city.
SkyCity Entertainment’s development will be a key feature in the Festival Plaza redevelopment, which also includes a $500 million investment by Walker Corporation for a new commercial and retail development and a $180 million State Government investment in a new plaza and refurbishment of the Adelaide Festival Centre.
The $500 million Walker development is due to get underway later this year and will include a 40,000 square metre office tower, a new underground public carpark and a retail precinct.
All together the Festival Plaza projects are worth more than $1 billion and are expected to support about 2500 jobs during construction.
Quotes attributable to Housing and Urban Development Minister Stephen Mullighan
Today’s announcement is fantastic news for the State and follows a series of other major private sector investments over the past month, including:
- Liberty House’s purchase of the Whyalla steelworks
- Elon Musk’s Tesla partnership with Neoen to deliver a 100MW giant battery
- Online home loan firm Tic Toc announcing a 200 job expansion in South Australia
- German defence company Rheinmetall’s acquisition of 49% of Supashock to expand the South Australian company’s global exports
- Blue Sky Venture Capital to manage $50m Venture Capital Fund to attract investment
- $50 million investment by hospitality and leisure company, Event Hospitality & Entertainment Ltd (EVENT) to build a new 165-room Atura Hotel at Adelaide Airport.
Reaching these agreements has involved a complex set of negotiations between the key parties – SkyCity and Walker Corporation – as well as a number of other precinct stakeholders like the Festival Centre and the InterContinental Hotel.
The Festival Plaza will become a landmark site in the heart of Adelaide’s Riverbank Precinct, bringing together all of the precinct’s icon sites such as the Adelaide Oval, the Festival Centre, the Convention Centre and the Riverbank Bridge.
The upgraded Festival Plaza will become a unique world-class hub for the arts, culture, tourism and entertainment.
It will feature key sites including a new square, the northern promenade, and the Art Space Plaza, better integration with King William Street and a new entry to Adelaide Railway Station.
Once complete, the Festival Plaza will add to Adelaide’s reputation as one of the world’s most liveable cities, building upon our investments in the Adelaide Riverbank as well as progressive reforms such as rejuvenated laneways and unique small bars.