SkyCity Adelaide casino redevelopment The Advertiser

Adelaide Casino redevelopment on schedule for 2020 completion.

Adelaide Casino redevelopment on schedule for 2020 completion. submitted by ditroia to Adelaide [link] [comments]

Adelaide Casino's $330 million redevelopment confirmed with more hotel rooms planned

Adelaide Casino's $330 million redevelopment confirmed with more hotel rooms planned submitted by superegz to Adelaide [link] [comments]

SkyCity releases new designs for $300 million redevelopment of Adelaide Casino

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@abcnews: RT @abcnewsAdelaide: #Adelaide Casino's $330 million redevelopment confirmed with more hotel rooms planned https://t.co/Dt3390r3IC https://t.co/z7aNGc1bsd

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Why Skycity Might Soon Suspend Dividends And Raise New Capital

Why Skycity Might Soon Suspend Dividends And Raise New Capital
SkyCity Entertainment Group has suffered a $1 billion hit to its NZX market capitalisation from Covid-19 and might soon suspend dividends and raise new capital, an analyst says.
Chelsea Leadbetter, of Forsyth Barr equity research, said that although the business was strong, the pandemic had dealt it a major financial blow and shareholders could soon feel the effects.
"SkyCity's market capitalisation has fallen by around $1b since the Covid-19 outbreak took hold in China.
While we acknowledge material near-term risks, this is substantially larger than our various scenarios of the risk/cashflow impact," she wrote in the latest update on the stock.
Under the Work and Income wage subsidy scheme, SkyCity Management got $21.7m for 3272 employees, as of May 3.
Leadbetter said: "We expect the key near-term causality for investors to be a temporary dividend suspension."
She forecast that no dividends would be paid from the second half of the 2020 financial year or the first half of the 2021 financial year.
Like many others, the company might seek new cash: "There is also a possibility the board decides to raise equity to shore up the balance sheet through this period of heightened uncertainty."
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SkyCity is today trading on the NZX around $2.45, down from more than $4 late last year. Today its market capitalisation stood at $1.6b.

Questions were today put to chief executive Graeme Stephens and chief marketing officer Liza McNally about the fall in the company's market capitalisation, the possibility of suspending dividends and raising new capital.

McNally said: "As previously disclosed, SkyCity currently has sufficient liquidity, and has already implemented a range of changes to reduce both operating costs and capital expenditure, to withstand the short term impact of Covid-19.

The board and management are continuing to evaluate SkyCity's longer term funding requirements and a range of options for satisfying these."

Leadbetter noted property assets of around $2b and long-term monopoly casino licences.

"However, like the majority of businesses it has been caught out by extraordinary circumstances. Forecasting earnings is near impossible in the near-term.

However, when we are out the other side of Covid-19 we expect gaming spend to recover which will improve Ebitda, gearing, and enable reinstatement of what was an attractive dividend," she said.

Early last month, SkyCity announced that about 200 staff would be made redundant and wages were cut by 20 per cent to cope with the pandemic's effects on the business.

Last Friday, SkyCity said all its properties here and in South Australia remained shut at level 3 alert but construction work banned under the almost five weeks of level 4 had resumed.

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That re-started:

• Work at the fire-hit NZ International Convention Centre and neighbouring Horizon Hotel in Auckland
• Refurbishment of premium gaming rooms on levels eight and nine of the Auckland casino
• New food and beverage venues Food Republic adjacent to the main casino floor in Auckland
• Work on Aces Bar and creation of a new entertainment zone on the main casino floor in Auckland
• Ongoing refurbishment and maintenance works on the AA Building where the business is now headquartered on Albert St
• Refurbishment of Hamilton's main casino floor, including a new Baccarat area
• Work on the development of the All Blacks Experience and Weta Workshop attractions in Auckland's former convention centre below the SkyCity Grand Hotel

SkyCity also gave an update on its funding position, saying it continued to have a strong liquidity position with about $400m cash and undrawn debt facilities available.

It does not expect to need any waivers for its June 30 debt covenants.

"Following recent restructuring initiatives, SkyCity's operating cash requirements before re-opening any properties are around $12m per month.

SkyCity also has significant ongoing capital expenditure commitments on its two major projects and other smaller development projects in Auckland and Hamilton," it said, referring to its $703m convention centre and $330m Adelaide redevelopment and expansion.

The business is working on a funding plan for the medium term as it recovers.

"This plan will be finalised once the trading performance of its New Zealand properties has been assessed following the expected re-openings by the end of May," the business said on May 1.

Leadbetter said when New Zealand moves to level 2, most SkyCity properties will be re-opened but with significant restrictions. At level 1, all facilities will be back open, without restrictions.

Source: By: Anne Gibson / Property editor, NZ Herald

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SKYCITY Adelaide Casino Expansion Project Timelapse - May 2019

A $330 million redevelopment of the Adelaide Casino will create up to 800 ongoing jobs upon its completion, SkyCity Adelaide says. Hansen Yuncken was on Monday announced as the builder of the ... SkyCity reveals more about its Adelaide casino redevelopment. SkyCity Entertainment Group has revealed details of its much anticipated Adelaide Casino redevelopment, which is set to include Australia’s first brewery in a casino. Casino Beats reported in November that the redevelopment, dubbed The District, is a “key pillar” of the group’s ongoing $330 million Adelaide transformation ... ENTRY into Adelaide Casino’s high-roller rooms will be “easier” under a deal struck between its owner and the State Government as part of the $330 million redevelopment of the casino. The redevelopment of SkyCity Adelaide has been designed to provide an integrated entertainment complex incorporating an expanded multi-tiered Casino; 123 luxury hotel rooms and suites; a 750 capacity multipurpose Function Centre; Wellness Centre offering pool, sauna, gym and day spa; a range of new signature restaurants and dining experiences; a destination roof top bar and upgrade of the ... The SkyCity Adelaide expansion has commenced, transforming Adelaide Casino into an integrated entertainment destination on the Festival Plaza forecourt. Designed by The Buchan Group in association with Hecker Guthrie Walter Brooke, and built by Hansen Yuncken, development will include Adelaide's most luxurious hotel, a wellness centre including day spa, pool and gym as well as additional ... SkyCity Reveals More About its Adelaide Casino Redevelopment. SkyCity Entertainment Group has revealed details of its much anticipated Adelaide Casino redevelopment, which is set to include Australia’s first brewery in a casino. Casino Beats reports that the redevelopment, dubbed The District, is a “key pillar” of the group’s ongoing $330 million Adelaide transformation, which hopes to ... Adelaide Casino Redevelopment: A New World Class Integrated Entertainment Complex. Arland Coleman. Follow. 5 years ago 0 view. Adelaide Casino Redevelopment: A New World Class Integrated Entertainment Complex. Report. Browse more videos. Playing next. 1:30 ... New designs for the proposed redevelopment of the Adelaide Casino have been released. Picture: SkyCity 2/12 Adelaide Casino's $330 million redevelopment to allow more gamblers in high-roller areas. Updated July 26, 2017 17:45:58 SkyCity releases new designs for $300 million redevelopment of Adelaide Casino. NEW $300 million Adelaide Casino expansion plans, centred on a luxury hotel, give the first detailed insight into ...

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SKYCITY Adelaide Casino Expansion Project Timelapse - May 2019

Time lapse video of the Adelaide Casino redevelopment Adelaide 7NEWS - Duration: 4:28. 7NEWS Australia 1,224 views. 4:28. 9 News Adelaide Feature_SKYCITY Adelaide Casino Expansion - Duration ...

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