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High-rollers and restaurants drive Adelaide Casino turnaround

Business

Attracting lucrative VIP high-rollers from Asia and the success of two popular restaurants have contributed to a strong half-year performance by Adelaide Casino.

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Owner Skycity announced to the ASX and NZX this morning Adelaide had a “significantly improved” first-half performance in a flat local market, with normalised revenue up 18.7 per cent to $A103.6m.

The marked improvement was mostly attributed to VIP Asian high-end gamers who were now adding South Australia to their playing lists.

The improved result was underpinned by a significant increase in turnover, up 146 per cent to $1.9 billion and the “ongoing success of the signature restaurants”.

A Skycity spokesman told InDaily the addition of restaurants Sean’s Kitchen, headed by well-known chef Sean Connolly, and Madame Hanoi to the precinct had also contributed to Adelaide’s improved performance.

“No doubt having Madame Hanoi and Sean’s Kitchen has helped enormously,” he said.

Adelaide’s strong results follow a sluggish few years as it underwent refurbishment and staffing restructure.

“Considering where it’s come from, the business feels more confident than it was,” the spokesman said.

Local gaming revenue reported a slight 4 per cent drop, which was consistent with broader Adelaide trends.

Final designs for Adelaide’s $300m expansion were “well advanced” with the Development Assessment Commission approving the development on January 22.

Approvals were being finalised on the casino ground and car park leases.

The spokesman said redevelopment start date was slated for June this year with completion due by 2018.

Adelaide was a key performer in Skycity’s overall strong group results which also reported continued strong growth at its New Zealand operations in Auckland and Hamilton.

 

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