SKYCITY RELEASES NEW DESIGNS FOR $300 MILLION REDEVELOPMENT OF ADELAIDE CASINO.
Article by Paul Starik, The Adelaide Advertiser
SkyCity have revealed their $300 million Adelaide Casino expansion plans which are centred on a luxury hotel as well as an overhaul for the Festival Centre plaza.
The plans include an 80-room hotel overlooking the River Torrens, gaming suites for international VIP players and signature restaurants with renowned chefs.
A $610 million plaza upgrade includes the 24-storey office tower, restaurants, cafes, bars, shops and a 1560-space underground carpark.
The Casino has secured a deal to buy the prized Riverbank land for the long-awaited expansion, which previously has been valued at $350 million and included 500 more poker machines and 110 extra gaming tables.
SkyCity group chief executive Nigel Morrison said the company’s Adelaide expansion designs were well advanced and plans had been lodged with the state Development Assessment Commission.
ASX-LISTED FRONTIER CAPITAL MOVES FROM MINING TO GAMING.
Article from GGRAsia
Frontier Capital Group of Australia plans to acquire Hotel Stotsenberg and its ground-floor Casablanca Casino in the Philippines for an all-stock deal valued at about $26 million.
The deal, although filed with ASX, is still subject to the approval of Frontier Capital’s shareholders with the target date for completion being January 2016.
The Stotsenberg Hotel and Casablanca Casino has 239 hotel rooms, 190 slot machines, 36 gaming tables and two VIP rooms. The property is located fewer than two kilometres from Clark International Airport.
Listed in December 2011, Frontier Capital – previously Precious Metal Resources Ltd – was originally involved in the exploration of precious and base metals in Australia. The firm is a former subsidiary of Sovereign Gold Co Ltd.
“The Philippines gaming industry is the fastest growing in Asia,” Frontier Capital’s chief operating officer Ken Wong was quoted as saying in Friday’s filing. “Our entry into the gaming industry is well timed to capitalise on this potential,” he added.
Mr Wong, identified as a former executive of Asian casino and casino ship investor Genting Hong Kong Ltd, was appointed late last month to lead Frontier Capital’s gaming operations.