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

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

An music artists’ rendering of Crown’s towering Crown Sydney resort Resort, which ended up being green-lit this week

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

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

The casino resort complex, that may be Sydney’s second, 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 per cent, reigning in its expansion in Asia in order to focus on projects closer to house.

Including the Sydney casino, Crown has expensive 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 flats, restaurants, bars, shops, conference facilities and VIP video gaming Continue reading