SA Government To Support Adelaide Casino Through $650m Jobs Rescue Package
Posted on April 2, 2020 | 9:57 am
Adelaide Casino, as well as South Australia’s pubs, clubs, and hotels, are among the first businesses to take advantage of the $650m Jobs Rescue Package provided by SA Government.
The Adelaide Oval Stadium Management Authority (SMA) is also on the list providing its difficult financial situation caused by the cancellation of AFL games and other events.
Saving Industry & Local Jobs
Created to bail out the industry and, what’s the most important, help save local jobs, the Rescue Package is the Government’s response to the COVID-19 crisis and numerous negative impacts of the pandemic.
“We are committed to doing all we can to help secure local jobs and save industry from potential collapse as a result of the biggest economic challenge of our generation,” said Treasurer Rob Lucas.
“Through the emergency $650m Jobs Rescue Package – part of the State Government’s $1 billion economic response to this crisis – we will help ease the cash flow burden on these particular businesses at a time when they need it most.”
In order to support the hard-hit by complete shutdowns gaming sector, the State’s Government has decided to defer for six months collection of revenue from gaming machines located in pubs, clubs, and hotels across South Australia.
The same measure covers the Adelaide Casino…
…luxurious home to South Australia’s widest range of entertainment including exclusive table games offering: Baccarat, Caribbean Stud, Vegas Star Roulette, Blackjack, Texas Hold’em, Poker, Rapid Roulette, Rapid Baccarat and Roulette. The whole package is expected to provide as much as $11 million in total temporary tax relief and better cash flow for respective businesses.
“Our hotels and hospitality sector is a significant employer in South Australia, and this temporary tax relief will go some way in helping support our pubs, clubs and hotels through this extremely challenging period,” said Mr. Lucas.
Immediate Financial Relief For SMA
When it comes to the SMA that operates the Adelaide Oval, the SA Government has said yes to waiving its $3 million payment to the sinking fund for 2020/2021.
The latter is not a cost to taxpayers…
… but an amount SMA pays into their own fund to ensure instant access to the money for the ongoing maintenance of the Oval. In addition to that, the SMA will be also provided ex gratia relief of $1 million to cover its annual sublease fee.
What’s more, the Government is going to defer interest payable on the Adelaide Oval Hotel loan for six months, which is estimated to be worth about $530,000.
“Clearly, the SMA is suffering significant losses from the cancellation of AFL games and other revenue-raising operations at the Adelaide Oval and these measures will provide immediate financial relief to help them through this unprecedented time,” Mr. Lucas added.