This article is from the Australian Property Journal archive
JAMES Packer's Crown Resorts has gained approval from the New South Wales government for the development of the VIP-only casino and luxury hotel at Sydney's Barangaroo South.
Crown has entered into an agreement with the government to proceed to stage 3 of the unsolicited proposal put forward by Crown in relation to the Crown Sydney Hotel Resort.
A final hurdle remains, the development is still subject to the passing of legislation to amend the Casino Control Act 1992, the issuing of a Licence by the Liquor and Gaming Authorit.
Packer, said Crown will build a landmark for Sydney, an architectural icon to rival some of world’s best buildings.
“We believe, with our internationally-renowned architects, Wilkinson Eyre, that we can create a hotel resort that will feature on postcards and in travel magazines globally. We believe that Crown Sydney will help attract Asian high net worth travellers to Sydney, in particular from China, creating economic growth, extra taxes and over 1,200 jobs for the people of New South Wales,” he added.
NSW premier Barry O’Farrell said the government will introduce legislation into Parliament this week to enable approval of the new restricted gaming facility at Barangaroo.
“The NSW Government has accepted this unsolicited proposal because the independent assessment committee found a competitive casino market would deliver increased tourism and broader economic benefits for NSW.
“The independent assessment committee found the Crown project would result in an estimated 1,250 additional jobs after construction, increased international tourism, and an increase in Gross State Product of $442 million per annum by 2025.
“It found Sydney was falling short of its potential share of the growing international gaming and tourism market and has underperformed compared with Melbourne,” the premier said.
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