James Packer is one step closer to his dream of a super-casino in Sydney.
Crown Sydney Hotel Resort, as it’s called, has received its gaming license from the New South Wales Independent Liquor and Gaming Authority, largely clearing the way for the A$1.5 billion luxury destination to open at the Barangaroo reclamation district on Darling Harbour in November 2019, which is when rival Echo Entertainment’s gaming monopoly at the nearby Star casino expires.
Crown Sydney was conceived as a haven for wealthy Asians players, Chinese in particular, and the project won the state government’s preliminary approval last summer with a proposal for a table games-only facility restricted to “members” and their guests. Accordingly, the ILGA license stipulates that no slot machines will be allowed, as Crown has proposed, and smoking will be permitted.
CEO Rowen Craigie called the license award “an important milestone”.
“Crown and its Chairman, James Packer, are committed to building a truly iconic six-star hotel for Sydney that will be recognised globally,” he said. “Crown Sydney will help bring additional international and domestic tourists to Sydney, create over 1,200 jobs and generate significant economic growth for New South Wales. For the local community, Crown Sydney will help activate Barangaroo 24 hours a day, making the precinct a safe and vibrant place for tourists, local residents and all Sydneysiders.”
Crown is paying $100 million for the license and has promised to triple the state’s tax haul from The Star in its first three years of operation and enrich the New South Wales treasury after that by a minimum of $1 billion over its first 15 years.
VIP gaming will be taxed at 10% of revenue, straight-up cash gaming at 29%, according to the terms of the license.
The project is now awaiting planning approval and the conclusion of final agreements with Barangaroo’s lead developers and the Barangaroo Delivery Authority.
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