The New South Wales government in Australia has approved the development of James Packer’s A$1.5 billion (US$1.4 billion) Crown Casino luxury resort at Barangaroo on Sydney Harbour.
While strict conditions limit gaming to VIPs and high rollers, the development is expected to benefit the New South Wales state with added revenue, 1,300 construction jobs and 1,200 ongoing jobs. Crown is guaranteeing is a minimum of A$1 billion (US$933 million) in revenue over the first 15 years in operation.
Echo Entertainment, which has the sole casino license in Sydney, had promised to upgrade its The Star casino at Darling Harbour and pay A$250 million (US$233 million) to extend its exclusivity rights. However, the panel ultimately decided it would be best to inject competition into the local casino-resort market.
Packer said the operation should open in full by November 2019 and has pledged to establish two colleges to train the Crown Sydney Hotel Resort workforce.
Packer said in a statement he was going to do everything he could to make Crown Sydney the best hotel in the world. “I am humbled that we have reached formal agreement with the New South Wales government,” he said. “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.”