Crown Limited’s planned VIP casino in Sydney won’t open until Echo Entertainment Group’s monopoly expires in 2019, according to the New South Wales government.
The announcement issued by the office of Premier Barry O’Farrell came by way of a clarification of earlier comments by Mr O’Farrell that implied Crown’s project would pose no conflict with Echo’s exclusvity agreement with New South Wales. As it stands it appears to be a setback for the luxury casino and hotel Crown wants to build at the Barangaroo waterfront development directly across Darling Harbour from Echo’s casino, The Star.
“Any new VIP-only facility will not be operational before the existing exclusivity agreement expires on 14th November 2019,” according to the statement.
Echo’s predecessor, Tabcorp Holdings, paid A$100 million to New South Wales in 2007 in return for the 12-year exclusivity rights in Australia’s largest city.
Crown, through a subsidiary, owns 10% of Echo and has applied for regulatory approval to increase that stake to up 25%.
