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SKYCITY Entertainment Group Limited shares lift on project update

Shares in gaming and entertainment business SKYCITY Entertainment Group Limited (ASX: SKC) have climbed 1% to $3.64 today off the back of an update on the company’s Adelaide Casino expansion project.

SKYCITY announced today the company had signed a contract for Hansen Yuncken to undertake construction on the Adelaide Casino project with a total project budget of $330 million and main works to be completed by the end of 2018, with full completion by the first half of 2021.

The $2.36 billion market cap company owns and operates casinos in Auckland, Hamilton and Queenstown in New Zealand, with Adelaide and Darwin in Australia. The Adelaide expansion is expected to provide significant returns as it leverages on the Riverbank precinct revitalisation project.

The Adelaide upgrade is also expected to ensure integration between old buildings and new to maximise overall returns.

Things are hotting up in the gaming and entertainment space on the ASX, with Aristocrat Leisure Limited (ASX: ALL) asserting itself in the sector, alongside the more speculative Ainsworth Game Technology Limited (ASX: AGI), while Crown Resorts Ltd (ASX: CWN) continues to maintain its stronghold in the space.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Crown Resorts Limited. The Motley Fool Australia has recommended Sky City Entertainment Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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