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.
