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.
Jul 23, 2018The Macau government has already received a preliminary proposal for amending the existing gaming law, said on Saturday the Secretary for Economy and Finance, Lionel Leong Vai Tac (pictured). That...
Jul 23, 2018
Jul 23, 2018
"The [Macau] government has a lead in this subject in regards to what should be done after the [gaming] concessions expire. We will be first listening to what the government will say”
Ambrose So Shu Fai
Vice-chairman and chief executive at Macau casino operator SJM Holdings