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.
Aug 16, 2019JP Morgan Securities (Asia Pacific) Ltd says it expects the protests that have been taking place for several weeks in Hong Kong to have a minor negative impact on Macau’s casino gross gaming...
Aug 16, 2019
Aug 16, 2019
"We’re not quite sure what’s going to happen in the world of junkets… it’s difficult to ignore the media and related responses in the case of Crown over the last few weeks”
Chief executive of SkyCity Entertainment Group