Sydney Government Approves Packer’s Expansion Plan For Crown Ltd. Casino
New South Wales government has permitted James Packer’s plan to expand Crown Ltd. The plan will see an additional casino in the city of Sydney. The casino that will be established alongside a 60-story hotel and it will be focused at enticing high rollers from across the world. The huge project is subsequently expected to be completed in early 2012.
Eco Entertainment
The win for Crown and Packer comes at the expense of Echo Entertainment. Echo which presently owns The Star, the only brick and mortar casino in Sydney looks like it’s in for some fierce competition. The company still upholds exclusive rights to casino betting in New South Wales until 2019. Packer’s plan was selected over Echo’s own development proposal. The expansion would cost them almost $1 billion to upgrade the casino. With the plan, Crown Casino was still going to be allowed to open for their VIP players. However, this would have been in exchange for tax benefits from the government.
Echo chairman John O’Neill said in a statement, “We are disappointed that the New South Wales government does not share our vision.”
He continued to say that the company will be working on other initiatives to grow and also further mature their Star property.
The New Crown Casino – World Class Project
The new Crown venue will be built at a Barangaroo development, which is across the harbour from The Star. The long waited six-star casino will host about 350 suites and rooms. There will also be 80 luxury apartments with a variety of world-class facilities. The hotel is likely to cost about AU$1.4 billion to build. Crown casino will open a casino on the site. However, the casino will not be allowed to offer slot machines but will only be open entirely to VIP players to play table games.
Crown Casino Real Money
The real money attracts high roller VIP players, who bet millions in a single visit to the site. The new VIP casino may improve Australia’s take on the VIP gambling industry. This is by AU$500 million when the Crown Casino is in operation.
