Crown Resorts $1.1 Billion Sydney Casino Venture Cleared for Take-Off

Crown Resorts $1.1 Billion Sydney Casino Venture Cleared for Take-Off

An music artists’ rendering of Crown’s towering Crown Sydney Hotel Resort, which had been green-lit this week

James Packer’s Crown Resorts has received approval to transform the skyline of Sydney, Australia, with the creation of a skyscraping $1.1 billion casino resort.

The 72-story Crown Sydney Hotel Resort project has cleared the final hurdle, finalized off on Monday by the brand New South Wales Planning Assessment Commission, and today awaits the formality of a green light from the state government for construction to start. Crown had been also awarded a gambling license that is 99-year.

The casino resort complex, which will be Sydney’s 2nd, after Star Casino, will tower above Barangaroo on the northwestern edge of Sydney’s central business district and certainly will aim to attract high-rolling gamblers from Asia.

Crown Resorts recently announced it would sell $800 million of its shares in Macau-based Melco-Crown, reducing its stake from 34 percent to 27 %, reigning in its expansion in Asia in order to concentrate on projects closer to home.

Including the Sydney casino, Crown has costly new developments earmarked for Melbourne and Perth and, as Macau’s fortunes tumble, they evidently decided it’s safer to lure Asian high-rollers to Australia.

Changes Ordered

The Crown Sydney will boast a hotel that is 300-room apartments, restaurants, bars, stores, conference facilities and VIP video gaming rooms. Crown Continue reading “Crown Resorts $1.1 Billion Sydney Casino Venture Cleared for Take-Off”