The Victorian state government has given conditional planning approval to James Packer’s Crown Resorts Ltd
(ASX:CWN), and its joint venture partner, Schiavello Group, to develop a 90-storey hotel tower in Melbourne.
The development is called One Queensbridge, which will be a luxury six-star hotel in Melbourne’s Southbank.
As a condition to this approval, Crown and Schiavello agreed to invest up to $100 million in significant tourism and public amenities that will benefit the Southbank precinct.
Victoria’s Premier, Daniel Andrews, issued a press release in support of this project and says it will create 3,000 jobs during the construction phase.
Crown Resorts posted a net profit of $943.6 million at 30 June 2016.
