James Packer’s Crown Casino Gets Approval
James Packer’s $1.5 billion Crown Casino development at Barangaroo on Sydney Harbour has been given the go ahead by the New South Wales Government. Currently Sydney’s only casino until 2019 is that of the Star Casino owned by Echo Entertainment. They hold a licence until 2019. They had promised to upgrade the Star Casino as well as pay $250 million to extend their exclusive right to operate.
Packer’s Crown Casino will have to operate within strict guidelines that prohibit poker machines and include VIP Gaming. Both government and the opposition compelled the casino to change their plans numerous times.
The announcement approving the casino was made a short time ago by NSW Premier Barry O’ Farrell and is expected to get support both from opposition ad government. This latest decision to approve the Crown Sydney followed a panel earlier in the year who considered both bids from Echo Entertainment and Crown in an attempt to “inject competition” into Sydney’s casino market. Key to the panel choosing the Crown Sydney was the fact that it would deliver 26% higher value to the NSW economy.