Government approval processes for the SkyCity Casino redevelopment took far too long, says a leading businessman.
Economic Development Board member Rob Chapman told a forum in Adelaide that SkyCity’s bid to spend $300 million on a redevelopment of its North Terrace casino should have been approved years ago.
He has also suggested that more casinos for South Australia could be a good idea.
“I’ll go out on a limb – I wouldn’t want to see what happened to the casino – a private company that had in excess of $300 million that they wanted to invest, create jobs and the vibrancy that we seek,” he said
“We’ve got to make sure it doesn’t happen again – it took way too long to get that up.
“Way too long.”
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Chapman is Chair of the BankSA Advisory Board and previously was Managing Director of BankSA, Chief Executive of St George Bank and the Regional General Manager (WA, SA, NT) of the Commonwealth Bank of Australia.
He’s also a past President of Business SA and is currently Chairman of the Adelaide Football Club Board.
Chapman was speaking at a Property Council lunch with the theme: New Brand, New Space, What’s the New Message for SA?
“The front page of the Fin Review a week ago – the Premier of Queensland said he would give licences to seven new casinos to be built at seven new resorts to create jobs,” Chapman said.
“Now somewhere in between might be the right answer, but to take five years to allow a private company to create the jobs, give effect to the vibrancy that we’re seeking as an objective of this state, is way too long.”
His comments were backed up SkyCity’s group general manager of business development Aaron Morrison who said the approval delay was five years.
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SA Tourism Commission chief executive Rodney Harrex joined Chapman and Morrison on the panel.
He said the casino was a “crucial part” of the tourism mix.
“For the emerging Asian market, the casino is a crucial part of our proposition as a city,” he said.
“I think it’s a key one in terms of how we evolve as a city.”
The New Zealand-based owners of Adelaide’s Casino spent several years negotiating tax rates and gaming and licencing regulations before it would commit to the redevelopment project.
In late July parliament approved new gaming laws extending SkyCity Entertainment Group’s exclusive casino licence until 2035.
The deal included the introduction of cashless gaming and ticket-in, ticket-out (TITO) technology, lower gaming tax rates for VIP gaming, an increase in slot machines by about a third to 1,500 and an increase in gaming tables to 200.
The proposed investment in the site on the banks of the River Torrens includes a six-star hotel, restaurants and new gaming facilities.
The State Government has called the development “the jewel in the crown” and touted its benefits to tourism and job creation.
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