SkyCity bludgers want government cash from NZ but have plenty to pour into their dog in Adelaide

Sky City has increased the cost of the convention centre with the addition of a 5 star hotel, not on tarting up the proposal. Combined with escalation within the wider construction industry the Sky City team have grossly under estimated the true costs. So be it.

But wait there is more…

Now they say they want to invest heavily into their dog casino at Adelaide. It’s losing money hand over fist but the execs at Sky City obviously think a few hundred million spent there is a good idea.

While negotiating with the Government here on its Auckland project, SkyCity Entertainment Group is considering spending more than the A$350 million ($366 million) it originally planned on its Adelaide property.

Announcing the interim result yesterday, chief executive Nigel Morrison revealed a newly expanded plan for Adelaide which the business says would eventually be far bigger than its Auckland casino and entertainment operations. But he did not quantify the exact amount to be spent.

“SkyCity is currently exploring a range of different expansion options including additional Horizon VIP villas and suites and an expanded hotel, which would potentiality increase the costs for the project over the indicative cost of A$350 million,” he said. ?

The casino expansion, a new six-star boutique hotel and extra signature food and beverage offerings are planned and Morrison said he hoped the scheme could be finalised within the next month.

The physical transformation of the existing Adelaide railway station is complete after A$50 million was spent there since 2013.

But it is the next phase and a huge new glass-fronted building between that station and the River Torrens which is now under the spotlight.

“SkyCity remains committed to transforming the Adelaide Casino into a world-class integrated entertainment and casino resort and continues to develop plans for the broader expansion of the property,” Morrison said.

And so it would seem – they have a tug of war for capital. Where do they spend it? Here or there.

Looks and smells like Sky City can’t sort their shit out.

And it looks like they are being manipulative and trying it on.

We don’t need to cough up here to pay for a hotel add-on that that will surely operate with a healthy profit margin.

Time for Key to tell Sky City to stick it, and unpack all the concessions previously agreed to.

 

– NZ Herald

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