Sydney is to spend A$7billion (HK$55 billion) over the next five to 10 years to improve its infrastructure in order to remain the leading MICE destination in Asia-Pacific for decades to come. This is expected to transform Sydney's central business district waterfront precincts for the business travel market and increase the attraction of the city as a corporate events destination. These waterfront developments include the renewal of Barangaroo, the expansion of the Sydney Convention and Exhibition Centre, and the renovation of the Star City Casino.
The Barangaroo project will transform 22 hectares of former wharves and industrial space on Sydney Harbour into a A$6 billion public, residential and commercial central business district, with a waterfront promenade running the length of the site. It will be developed into a major hub in Sydney's central business district, with a major hotel, commercial office towers, residential apartments, retail, restaurants and cultural facilities in a busy public waterfront precinct, with open public space and a new Headland Park. The Sydney Convention and Exhibition Centre will be expanded to create more space for major international events. The A$550 million proposed redevelopment of the entertainment centre at Darling Harbour includes the new Sydney Multifunctional Convention and Entertainment Centre on the site of the existing car park at Haymarket.
The existing Sydney Entertainment Centre will be demolished, opening up new developments and public space at south Darling Harbour. The new facility will feature more than 20,000 square metres of new floor space, increasing capacity to a total of more than 40,000 square metres, with a conference and entertainment auditorium capable of seating up to 12,000 people. The project is expected to be completed by 2015.
The A$860 million Star City redevelopment will transform the casino into a world-class venue, adding a 3,000-seat multipurpose event centre, a 172-room hotel to the existing 350-room hotel and 130-room apartments, and several new restaurants.