Crown, Lend Lease: It’s A Deal

Australian casino operator Crown Entertainment has signed a $1 billion agreement with developer Lend Lease to build a massive casino resort at Barangaroo South in Sydney Harbor.

Project is pending NSW approval

James Packer’s Crown Entertainment and Australian developer Lend Lease have officially agreed to develop a luxury integrated resort at Barangaroo in Sydney Harbor.

“Lend Lease has also entered into an estimated $1 billion construction management contract with Crown Resorts Limited to deliver the integrated resort,” the developer announced. “However, the final contract sum will be subject to finalization of the scope.”

The resort must still be approved by the New South Wales government, according to SBS News.

Crown Resorts CEO Rohan Craigie called the agreement “a significant milestone in the development of Sydney’s first luxury six-star hotel. It will be a globally recognizable landmark that will attract thousands of international tourists and help Sydney compete with other global tourism destinations.” The first tower and hotel at Barangaroo South are expected to be finished in 2019.

Crown Resorts is a joint investor with Hong Kong-listed Melco International Development Ltd. in the Macau and Philippines gaming markets, reported GGRAsia.

Crown Resorts has been given a restricted gaming license by NSW Independent Liquor and Gaming Authority, which will allow the company to operate a members-only VIP casino at Barangaroo South, an AU$7 billion (US$5.4 billion) redevelopment on Sydney Harbor. The development will include 350 hotel rooms and suites; 80 luxury apartments; and restaurants, bars, retail outlets and conference facilities, according to the company.