GGRAsia – Crown signs development agreements for Sydney casino

Crown signs development agreements for Sydney casino

May 28, 2015 Newsdesk Latest News, Top of the deck, World

Crown Resorts Ltd, chaired by Australian billionaire James Packer, said on Wednesday that it is closer to starting development of Crown Sydney (pictured in a rendering).

The Australian casino operator – a joint investor with Hong Kong-listed Melco International Development Ltd in the Macau and Philippines gaming markets – announced that it has entered into agreements with the Barangaroo Delivery Authority (BDA) and Lend Lease Group LLC, “which give Crown the opportunity to develop the Crown Sydney site at Barangaroo South”.

The BDA was set up to oversee the urban redevelopment of that particular waterfront district of Sydney. Barangaroo South is an AUD7 billion (US$5.4 billion) redevelopment on Sydney Harbour.

The project for the casino resort is still “subject to receipt of New South Wales planning approval,” Crown Resorts said in a filing to the Australian Securities Exchange.

Crown Resorts added that it has also signed a construction management contract with Lend Lease.

“The finalisation of arrangements with the BDA and Lend Lease is a significant milestone in the development of the Crown Sydney Hotel Resort,” said Crown Resorts chief executive Rowen Craigie.

“The Crown Sydney Hotel Resort … will be a globally recognisable landmark that will attract thousands of international tourists and help Sydney compete with other global tourism destinations,” he added.

Crown Resorts has been given a ‘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. The VIP gaming facilities will be for members only, the casino operator said in previous presentations.

The scheme will feature 350 hotel rooms and suites and 80 luxury apartments, along with restaurants, bars, shops and conference rooms, according to the company.