The second casino to come to Sydney is another step closer to being built and opening its doors now that the government of New South Wales has entered an agreement for the $1.5 billion development with James Packer. The third stage of this process of approval for the Crown Group project was signed recently.
The restricted development will have a VIP-only casino at Barangaroo as well as a luxury six-star hotel. Legislation will be introduced into parliament later in the week to further the approval of the casino. According to Premier Barry O’Farrell, the company has agreed to introduce the legislation so that the company can operate at Barangaroo south.
Chairman of Crown Resorts, Mr. Packer, stated that he would do everything possible to ensure Crown Sydney would be the best hotel across the entire globe, stating he was humbled to have reached a binding agreement with the NSW government.
He went on to state that he feels the Crown Sydney should help wonders with attracting wealthy Asian travelers to Sydney to help create economic growth, over 1200 full time jobs and more tax revenue for those in New South Wales.
Earlier in the year, an independent committee assessed the bid Crown made along with the plans Echo Entertainment had made. The committee, chaired by David Murray, found that the contribution Crown would made for tax and gross product was 31 percent and 26 percent higher than Echo, respectively.
On Monday, O’Farrell said that the minimum bet standards would apply here. For baccarat, the minimum would be $30 but equated to an hourly minimum bet of $2000. Says O’Farrell, this is what was stated when approving the previous stage for the high-range Asian market.
The government states that there will be at least $1 billion gained in the first 15 years from gaming taxes and the licensing fees as a part of this deal.
Statutory approvals still need to be met from gaming authorities and liquor authorities before construction, and this requires public consultation. However, John Kaye, NSW Greens MP, stated that the process has been very accountable thus far, expressing little surprise that NSW is another step closer to having a new casino.