Mr Joyce said he couldn’t rule out the taxpayer helping to meet part of the shortfall.
No no no!
Design improvements, a new five-star hotel and inflation have rocketed up the SkyCity convention centre’s pricetag by as much as $130 million.
And while additional gambling concessions are off the table to meet any shortfall for the building, taxpayer funding is under discussion.
SkyCity yesterday lodged its resource consent application for the centre, which it’s building in return for concessions such as extra gaming machines worth as much as $42 million a year in additional profits.
Announcing the application, SkyCity chief Nigel Morrison revealed the cost of the convention centre had jumped to between $470 million and $530 million.
The casino operator had previously estimated it would cost $402 million, which it agreed to cover in return for extending its Auckland gaming licence until 2048.
SkyCity — which reported a net profit of $123.2 million last year — is now in talks with the Government on how to fund the increased cost.
In August, SkyCity announced it had increased the scope of the project, unveiling plans for a 12-storey five-star hotel.
Private Public Partnerships are agreements where the private partner takes the risk away from the public, not the other way around. Â Read more »