Casino operator Crown Ltd
(ASX:CWN) will spend $212 million to upgrade the VIP facilities at its Melbourne entertainment complex.
The company says the decision to make the investment stems from strong growth in recent years of international premium player turnover.
Executive Chairman James Packer says once the upgrade is completed, the facilities will rival the best in the world, giving Crown Melbourne a strong foothold in the global tourism market.
Mr Packer says the major capital expenditure will help Australia’s tourism sector capture a greater share of emerging markets such as China.
The renovations will result in the creation of 11 new private gaming salons, an upgrade and expansion of a VIP room and the refurbishment of new non-gaming facilities for members.
The project is slated for completion in the first half of 2012.
Crown Ltd reported a loss of $1.198 billion for the 2009 financial year.
