By Colin Kruger
James Packer's Crown Ltd stepped up its campaign to build a
six-star hotel at Sydney's harbour development showpiece, Barangaroo,
announcing an exclusive deal agreement this morning with the project's
developer Lend Lease.
Crown said a VIP gaming facility would be necessary to provide the commercial underpinning for the project.
Crown has sought approval from the NSW gambling regulator to lift its stake in rival casino operator, Echo Entertainment, from 10 per cent to 25 per cent.
The announcement comes a day after Crown announced plans to spend $568 million building a six-star hotel at its Perth casino. The deal with the West Australian government also includes a boost its gambling facilities.
"My desire is for Crown to build the best hotel in the world at Barangaroo," Mr Packer said in a statement. "Crown's record demonstrates we can deliver a centrepiece that will draw millions of tourists."
The agreement provides Crown with the right to work exclusively with Lend Lease for as long as 24 months, jointly developing a concept plan for the hotel resort which is expected to be located on a site to be agreed with the NSW government on the north-west corner of Barangaroo South, the company said.
"Barangaroo is a landmark development for Sydney and will transform the western corridor of the CBD. Crown is delighted to have the opportunity to be a part of Barangaroo and we look forward to working with Lend Lease to bring the internationally recognised Crown brand to Sydney," the statement said.
Crown said a VIP gaming facility would be necessary to provide the commercial underpinning for the project.
Crown has sought approval from the NSW gambling regulator to lift its stake in rival casino operator, Echo Entertainment, from 10 per cent to 25 per cent.
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Echo has an exclusive licence to operate a casino in NSW and
Crown has proposed a joint venture between the two companies that would
use Echo's licence to develop exclusive VIP gambling facilities at the
proposed Barangaroo hotel.The announcement comes a day after Crown announced plans to spend $568 million building a six-star hotel at its Perth casino. The deal with the West Australian government also includes a boost its gambling facilities.
"My desire is for Crown to build the best hotel in the world at Barangaroo," Mr Packer said in a statement. "Crown's record demonstrates we can deliver a centrepiece that will draw millions of tourists."
The agreement provides Crown with the right to work exclusively with Lend Lease for as long as 24 months, jointly developing a concept plan for the hotel resort which is expected to be located on a site to be agreed with the NSW government on the north-west corner of Barangaroo South, the company said.
"Barangaroo is a landmark development for Sydney and will transform the western corridor of the CBD. Crown is delighted to have the opportunity to be a part of Barangaroo and we look forward to working with Lend Lease to bring the internationally recognised Crown brand to Sydney," the statement said.
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James Packer is at it again expanding his famous
internationally recognised ‘Crown Ltd.’ His latest push is to bring Crown to Barangaroo so it can be the centre piece of Sydney’s harbour. The most
astonishing piece of information in this article is the announcement of these
plans was done a day after James Packers declaration of developing a ‘6 star
hotel’ in Perth with gaming facilities. However announcing that the hotel will
be 6 star will create a lot of controversy amongst the hotel industry as Australia’s
STAR ratings only go up to 5 stars.
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