Adelaide Oval would become the first Australian stadium to include a hotel under a proposal stirring controversy about commercial use of the Adelaide Parklands.
- Stadium Management Authority proposes $42m hotel for eastern wing of Adelaide Oval
- SA government would underwrite the loan
- Opposition, Adelaide City Council and others sceptical of commercial use and loan
The $42 million development on the eastern side of Adelaide Oval proposed by the Stadium Management Authority (SMA) would be funded by a loan underwritten by the South Australian government.
It would have been hard to attract a loan from a bank as a subtenant without the government's support, Mr Daniels said.
"It's very, very difficult to get a normal banking loan so the government has stepped in to give us a loan facility."
https://www.abc.net.au/news/2018-11-25/adelaide-oval-hotel-proposed-in-parklands/10552606
So, it's very, very difficult to get a bank loan for such a project, eh? That may be because banks don't want to lend money on risky and questionable projects, especially given the opposition voiced by the SA hoteliers industry.
But never mind, it's ok, our good old boys in the SA Liberal govt will just jump in with SA taxpayers money to support this private enterprise project which the free market will not touch with a barge pole.
What could go wrong?
If you hate Australia, vote Liberal.
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