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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 designers’ rendering of Crown’s towering Crown Sydney Hotel Resort, which ended up being green-lit this week

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

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

The casino resort complex, that may be Sydney’s 2nd, after Star Casino, will tower above Barangaroo on the northwestern edge of Sydney’s central business district and 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 percent, reigning in its expansion in Asia in order to concentrate on projects closer to house.

Like the Sydney casino, Crown has expensive developments that are new for Melbourne and Perth and, as Macau’s fortunes tumble, they evidently decided that it is safer to lure Asian high-rollers to Australia.

Changes Ordered

The Crown Sydney will boast a hotel that is 300-room apartments, restaurants, bars, shops, conference facilities and VIP gaming rooms. Crown has stated that Continuer la lecture de Crown Resorts $1.1 Billion Sydney Casino Venture Cleared for Take-Off