Crown unveils $200m Riverwalk overhaul as council promenade plans stall

Crown Melbourne has announced a sweeping $200 million redevelopment of its Southbank precinct, including a major revitalisation of its Riverwalk, in what it describes as the biggest transformation of the complex in almost 30 years.

The privately funded overhaul will introduce more than 15 new restaurants, bars and casual eateries, alongside upgraded public open space and expanded outdoor terrace dining along the Yarra River. Around 2000 construction jobs are expected to be created over the life of the project.

For Southbank, the announcement lands at a time when the public promenade on the opposite side of Queensbridge St continues to face uncertainty.

As Southbank News reported earlier this month, the City of Melbourne has quietly shelved its much-debated Red Stairs design competition at Queensbridge Square and is yet to provide firm timelines for completing long-unfinished sections of the Southbank Promenade between Queensbridge Square and Southgate. Works outside the Southgate foodcourt have stalled for years amid redevelopment uncertainty.

While Crown’s Riverwalk investment is not a like-for-like comparison with council’s public-realm responsibilities, the contrast in momentum is striking.

Crown Melbourne CEO Ed Domingo said the reinvestment, first mooted back in 2023, marked “the start of a new era” for the integrated resort.

“This significant investment in new dining, entertainment and the iconic Riverwalk will cement Crown’s place as the ultimate destination for food, fun, entertainment and late-night energy,” he said.

He added that the precinct’s offering needed to evolve with its audience.

Melburnians and our visitors have changed over the past 30 years – and this reimagining of our precinct ensures we continue to elevate our offering and deliver experiences fit for the next generation.

Among the headline additions is Victor Churchill – described as one of the world’s most celebrated butchers – which will open a new venue in mid-2027 overlooking the Yarra. A new riverside gastropub is also planned to open directly onto the waterfront, shifting from daytime dining to nightlife in the evening.

Entertainment remains central to the redevelopment. The Palms venue is being reimagined as Crown Live Theatre, with a 1250-seat capacity when it relaunches in November 2026. Crown Metropol’s 28^th floor will become a new private events destination with panoramic city views, while Crown Towers’ lobby bar will undergo refurbishment.

Beyond hospitality and events, Crown is also investing in sustainability, with rooftop solar panels, battery storage and energy-saving technology aimed at reducing carbon emissions by 23 per cent by 2027.

Crown’s 500,000 square metre footprint – equivalent to two CBD blocks – positions it as a significant landholder along the Yarra. Construction and detailed design work are already underway, with openings staged from mid-2026 through to 2027.

The announcement is further bolstered by PDG's plans for Crown's former Queensbridge Hotel site, which has proposed a 67-storey tower at 1 Queensbridge St.

For Southbank residents and business operators, the investment signals confidence in the precinct’s future at a time when parts of the public promenade remain tired and fragmented.

Crown’s Riverwalk renewal could provide fresh impetus for a broader rethink of the entire Southbank river edge. While the casino operator’s investment is primarily commercial, it also reshapes the public interface between the precinct and the Yarra.

With the eastern side of Queensbridge St pushing ahead through private capital, attention now turns to whether the City of Melbourne can match that ambition on the public side of the promenade – and finally deliver the cohesive, high-quality waterfront experience that Southbank has long promised but struggled to complete.