The Wollongong Entertainment Centre will become part of a plan to put all the state's sporting complex in the hands of one group.
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Acting Sports Minister Geoff Lee on Tuesday announced plans to merge Venues NSW - which oversees the entertainment centre - with the Sydney Cricket Ground Trust.
The new body will be run by existing SCGT chair Tony Shepherd, joined by the trust's deputy chair Rod McGeoch.
"This merger is about placing NSW in the best possible position to attract the most exciting and sought after events so the entire state can benefit from the economic stimulation," Mr Lee said.
"We have made the investment in stadiums and infrastructure which are the envy of the world and now it's time to ensure we get maximum returns."
The Hawks and St George Illawarra Dragons will continue to play there as existing agreements with sporting codes and clubs will continue to be honoured.
"The NSW Government will maintain its strong ambition to always attract the best events to WIN Stadium and Entertainment Centre," MrLee said.
"The creation of the one entity will be advantageous to all our sporting and entertainment venues, with a strong, co-ordinated and streamlined approach to attracting the best domestic and international events to NSW."
An Interim Advisory Board will be established to oversee the development of the operating model for the new entity, and will include long-standing board members of the SCGT and Venues NSW.
Since winning the seat of Wollongong Paul Scully has pushed for the entertainment centre to be upgraded.
Mr Scully called on the new board to schedule its first meeting at the entertainment centre to see for themselves the urgent need for refurbishment.
"Venues NSW's board has previously expressed to the minister the need for an upgrade to the entertainment centre and for it to be done sooner rather than later," Mr Scully said.
"I hope that the the chair and board of the merged entity will adopt that as its priority too."
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