Page 6012 - Week 18 - Thursday, 12 December 1991
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substantial organisation which operates more than 100 casinos spread over 14 countries. Casinos Austria will be the developer, owner and operator of the casino, which will be constructed adjacent to the Capital Parkroyal Hotel.
The Government looks forward to the benefits the Territory will receive as a result, and these are: An up-front payment of $19m will be allocated to community facilities; and 20 per cent of casino revenue will be payable to the Territory and is estimated to commence at over $6m per annum, rising to around $11m in the fifth year of operation. In addition, a super tax will be received over the first four years of the casino's operation. The construction phase, over approximately two years, involves expenditure of $31m and will lead to the creation of around 280 new jobs. In addition, the operations of the casino itself will create an estimated 500 new jobs, many of which will benefit our young people. Clearly, Mr Speaker, tourism and the ACT economy generally will benefit greatly from the casino.
As a consequence of this announcement, there will need to be a number of steps undertaken over the coming months to ensure that the momentum of this project is maintained. These include finalisation of a development agreement and the release for public consultation of a draft variation to the Territory Plan to enable the casino to be located adjacent to the Capital Parkroyal Hotel. The Territory Plan variation will also provide for an interim casino in the National Convention Centre. In addition, several amendments to the Casino Control Act 1988 are required and I will now provide details with the Bill.
Mr Speaker, this Bill will amend the Casino Control Act 1988 by providing power for the establishment of an interim casino. The Government has decided to support a proposal for the establishment of an interim casino by the successful tenderer. The Government has taken this decision as it considers that a professionally operated and rigorously controlled interim casino will provide both a lift in the Territory's tax revenue, tourism and employment and also the opportunity to establish a position in the casino market pending the opening of the permanent casino. The interim casino will be operated by Casinos Austria in the National Convention Centre while the permanent casino is being built.
Advice from the ACT Attorney-General's Department has suggested that there is some doubt whether the current provisions of the Casino Control Act 1988 provide power for the establishment of an interim casino in the Territory. This Bill provides for the lawful establishment of an interim casino and its enactment will provide certainty for both the Government and the successful tenderer.
The principles that have guided the preparation of the Bill are the need to ensure that all security and surveillance requirements will be as rigid as those proposed for the
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