SkyCity Entertainment Group has released an upbeat progress report on its controversial New Zealand International Convention Centre, indicating a significant step forward would be taken this month.
By the end of February, its plans for the huge new centre in Auckland's heart are due to get final tick-off from the Government, although it is still awaiting Auckland Council's decision on its resource consent, lodged some weeks ago.
"SkyCity and the Crown have extended the date for formally approving preliminarily design until the end of February 2015. SkyCity is committed to achieving a solution which preserves values for shareholders," the business said in a take-out section in the interim result out this morning.
The business also gave full details of its current position.
"Constructive discussions with the Crown regarding funding the additional costs of the NZICC project over and above SkyCity's contractual obligation of $402 million are continuing. SkyCity remains committed to the building, developing and operating the NZICC and we are committed to achieving a solution that preserves value for our shareholders," it said.
Significant progress had been made, with preliminarily designs completed after working closely with the Crown's design team. Those designs were submitted to the Crown for approval in October and the resource consent application was lodged with Auckland Council in December and was currently under consideration.
"We have worked closely with the Crown to achieve the objective of a landmark development for Auckland that will generate significant economic benefits for the city and New Zealand," it says.
The five-star 300-room luxury hotel and pedestrian laneway was announced, the business said.
Early estimates of full costs were revised up to $470 million-$530 million, "depending on the level of future construction cost inflation". SkyCity said it was working constructively with the Crown to address the funding of costs above SkyCity's $402 million contractual obligation.
Anne Gibson of the New Zealand Herald
