House of Assembly - Fifty-Third Parliament, First Session (53-1)
2014-10-28 Daily Xml

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Adelaide Casino

In reply to Ms CHAPMAN (Bragg—Deputy Leader of the Opposition) (23 July 2014). (Estimates Committee B)

The Hon. S.C. MULLIGHAN (Lee—Minister for Transport and Infrastructure, Minister Assisting the Minister for Planning, Minister Assisting the Minister for Housing and Urban Development): I have been advised:

The Skycity Adelaide lease is for a term from 30 June 1998, expiring 4 March 2025, with 3 x 20-year rights of renewal thereafter.

The forecast rental return for 2014-15 is $2,284,995 + outgoings (electricity, land tax and insurance) $429,448.

Forward estimates for rent, per current area leased, are subject to annual CPI increases. Outgoings expenses historically trend upward at considerably higher rates than CPI.