The bones and location make it viable for a Chinese backed Casino only. Even has the name ... "The Dragon"
No chance of getting a Casino but it doesn't need to be. The club itself is a bohemoth, only needs a refurb (as opposed to a reconstruction) to come into the 21st century. The land is there for construction of all sorts of hospitality-industry amenities; hotel, child-care, even retail area. Close to the station, sits on a major arterial road, next to a golf course, dense population and by far from the CBD.
And yes, as with any licensed club, gaming intake would form a huge part of the revenue but these clubs need to give gamblers a reason to want to go there!
It's all there and could easily become a Premier Club like Revesby Workers, Bankstown Sports or Penrith and Canterbury Leagues.