The City of Gold Coast says it remains confident the remaining $400 million funding shortfall for the proposed Carey Park Arena can be resolved, despite councillors seeking closer oversight before committing to the landmark project.

The proposed arena, expected to cost around $1 billion, would become one of the Gold Coast's largest sporting and entertainment venues. Current plans envision a modern indoor arena capable of hosting major concerts, sporting events, exhibitions and entertainment shows while also supporting activities associated with the 2032 Brisbane Olympic and Paralympic Games.

Funding for the project is expected to come from a combination of private investment, the Queensland Government, the Australian Government, and the Gold Coast City Council. While approximately $600 million has been identified through existing commitments and private-sector participation, around $400 million still needs to be secured.

Despite the funding challenge, city officials believe negotiations with government partners and private investors will ultimately close the gap. Gold Coast Mayor Tom Tate has previously argued that the arena would provide lasting economic and community benefits by attracting international entertainment, boosting tourism and creating employment opportunities during construction and operation.

At a recent council meeting, several councillors called for detailed financial briefings before approving the next stage of the project. They requested greater transparency regarding funding arrangements, project risks, operating costs and long-term financial commitments to ensure ratepayers are protected.

The proposed arena would form part of broader infrastructure improvements planned across South East Queensland in preparation for the 2032 Olympics. Supporters believe the venue would fill a longstanding gap on the Gold Coast by providing a world-class indoor facility capable of hosting events that currently bypass the city due to venue limitations.

Project planners expect the arena to have a capacity of approximately 12,000 spectators, with flexible seating allowing it to accommodate sporting competitions, concerts, conventions, esports events and community activities. The venue is also expected to include modern accessibility features and improved transport connections.

Supporters argue that investment in the arena would strengthen the Gold Coast's position as a major events destination, complementing existing attractions and helping diversify the local economy beyond tourism. They also point to increased opportunities for local businesses, hospitality operators and event organisers.

However, some councillors have emphasised the importance of careful financial management given the project's scale. They say council should not commit additional funding until detailed business cases and financial modelling have been fully reviewed.

The project remains in the planning phase, with further negotiations expected between council, government agencies and private partners. If funding is secured and approvals proceed as planned, the arena could become one of the Gold Coast's signature sporting and entertainment venues in the lead-up to the 2032 Olympic Games.