Saltwater would mean very little. Keep it Simple: Busselton Entertainment Centre.
Firstly, I am not sold on the current site. It's too cramped with no room for later expansion and the lack of car parking space is of great concern. Parking is at a premium at the beach end of Queen Street et al and this is without the addition of the Hilton Hotel with more rooms than car spaces.
THE NAME: Saltwater conveys nothing of what the building would be used for - could be a pub, a café, a gym etc.
Keep it Simple and descriptive - Busselton Entertainment Centre, BEC.