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 artists’ rendering of Crown’s towering Crown Sydney Hotel Resort, which was 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 finalized off on Monday by the brand New South Wales Planning Assessment Commission, and now awaits the formality of a green light through the local government for construction to start out. Crown had been additionally awarded a gambling license that is 99-year.

The casino resort complex, that will be Sydney’s 2nd, 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 percent, reigning in its expansion in Asia in order to focus on projects nearer to house.

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

Changes Ordered

The Crown Sydney will boast a 300-room hotel with flats, restaurants, bars, shops, conference facilities and VIP gaming rooms. Crow […]