A plan by Australian casino operator Crown Resorts to build the country’s highest hotel tower has met with an obstacle in the form of the Victorian state government.
According to Inside Asian Gaming, Crown and joint venture partner the Schiavello Group filed an application with the government that would have allowed them to delay construction while they completed the funding package. But lawmakers say no.
The AU$1.75 billion (US$1.24 billion) One Queensbridge project, to be located next to Crown Melbourne, was approved in 2017 on the condition that construction must begin inside a two-year window. When the funding hadn’t materialized by February 20, Crown and Schiavello applied to the government for an extension to the construction start date.
On March 4, Crown said it has been “informally notified by the Victorian government that an extension to the construction commencement date for the proposed One Queensbridge project has been denied. No formal notice has been received from the Victorian government, but it is expected shortly.
“As previously announced, the project was subject to obtaining financing arrangements that were satisfactory to Crown and Schiavello. Unfortunately, these arrangements could not be achieved before the construction commencement date under the planning approval.”
Crown, which owns 50 percent of the adjacent land, said it will now “consider the next steps” for the property along with Schiavello. According to new.com.au, the delay comes amid a downturn in the luxury apartment sector. The One Queensbridge plan features 708 high-end residential apartments and a six-story hotel, all connected to the casino by a pedestrian walkway.
In other Crown news, the Sydney Morning Herald reports that the company will strengthen measures to stem problem gambling at the Melbourne property.
Following the annual meeting between Crown executives and the Victorian Commission for Gambling and Liquor Regulation in February, the regulator “outlined a raft of serious shortcomings and stressed the need for Crown to make improvements to its governance and management in order to meet its commitment to being a leader in responsible gambling practices.”
Commissioners added that they are “not confident” that Crown has enough staff to intervene and help gamblers at risk of harm. They also want to see Crown step up its anti-money-laundering policies and keep out criminals.
Crown Executive Chairman John Alexander said the meeting went “very well” and Crown has accepted all 200 of the VCGLR’s recommendations. Alexander added that new facial-recognition technology is “in progress.”
“We’ve increased the number of cameras here to about 50,” he said.
