Australia-based Crown Resorts Ltd is to begin the formal planning process for Crown Sydney (pictured in a rendering) after the New South Wales government and developer Lend Lease Group LLC struck a deal that would allow the project to go ahead.
In a filing on Thursday, Lend Lease said it is progressing to the next stage of documentation with Crown and government-run Barangaroo Delivery Authority for the proposed development of the precinct.
Construction was said to be on hold while the parties discussed the final payment required once the development is complete. In February, Crown had said that applications for the Sydney project were awaiting completion of amendments to the Barangaroo South masterplan.
Crown, controlled by billionaire James Packer, is a partner in Macau casino operator and developer Melco Crown Entertainment Ltd.
The Australian Business Review quoted Crown chief executive Rowen Craigie saying the agreement was a major step forward in the development of the scheme. “Crown will now begin its own planning application processes with the NSW Department of Planning and Environment,” Mr Craigie was quoted saying.
The newspaper reported that Lend Lease has already submitted an amended plan for the Barangaroo precinct, which would include moving the casino and hotel on to the harbour foreshore.
Crown has been given a so-called ‘Restricted Gaming Licence’ by New South Wales’ Independent Liquor and Gaming Authority, which will allow the company to operate a VIP casino at its planned six-star hotel.
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"We forecast Grand Lisboa Palace will have EBITDA of HKD2.0 billion (US$260 million) with 330 tables by 2022, and HKD3.5 billion with 380 tables by 2023"
Credit rating agency Fitch Ratings