Auditor-General's Department South Australia Logo

Adelaide Venue Management Corporation (AVMC)

Financial statistics
Income from trading activities: $49.6 million
   
Profit from trading activities: $11.6 million
   
Loss from property management activities: $13.8 million
   
Net loss: $2.3 million

The following information on the number of events held and patrons attending these events was provided by the AVMC and is unaudited.

  2016 2015
Adelaide Entertainment Centre: Number Number
Events 72 78
Patrons 270 000 306 000
     
Coopers Stadium:    
Events 18 22
Patrons 198 000 227 000
     
Adelaide Convention Centre:    
Events/Functions 921 887
Patrons 280 000 264 000
     

Significant events and transactions
  • On 1 August 2015, the Adelaide Entertainments Corporation became the AVMC and effective from this date the assets, rights, liabilities and all employees of the Adelaide Convention Centre Corporation were transferred to the AVMC.
  • The Adelaide Convention Centre is currently being redeveloped. In 2015, Cabinet approved a budget increase for the redevelopment bringing the total budget to $396.8 million, of which $382.3 million will be funded from borrowings and $14.5 million from the AVMC’s Future Asset Replacement account. To date $331.4 million has been spent on the redevelopment.

Financial statement opinion
Unmodified