Crown Resorts’ Crown Sydney has received its gaming license from the New South Wales Independent Liquor and Gaming Authority, largely clearing the way for the A.5 billion luxury destination to open in 2019.
The casino and hotel will be located at a redevelopment area known as Barangaroo on Darling Harbour, not far from rival Echo Entertainment’s The Star, which loses its exclusive license in New South Wales in November 2019.
Crown Sydney is conceived as a haven for wealthy Asians players, Chinese in particular, and the project won the state government’s preliminary approval last summer with a proposal for a table games-only facility restricted to “members” and their guests. Accordingly, the ILGA license stipulates that no slot machines will be allowed, as Crown has proposed, and smoking will be permitted.
Crown Resorts CEO Rowen Craigie called the license award “an important milestone”.
“Crown and its chairman, James Packer, are committed to building a truly iconic six-star hotel for Sydney that will be recognized globally,” he said. “Crown Sydney will help bring additional international and domestic tourists to Sydney, create over 1,200 jobs and generate significant economic growth for New South Wales. For the local community, Crown Sydney will help activate Barangaroo 24 hours a day, making the precinct a safe and vibrant place for tourists, local residents and all Sydneysiders.”
Crown is paying $100 million for the license and has promised to triple the state’s tax haul from The Star in its first three years of operation and enrich the New South Wales treasury after that by a minimum of $1 billion over its first 15 years.
VIP gaming will be taxed at 10 percent of revenue, straight-up cash gaming at 29 percent, according to the terms of the license.
The project is now awaiting planning approval and the conclusion of final agreements with the lead developers of the site and a public agency that oversees it.
