Crown Resorts Limited
(ASX:CWN) will develop Sydney’s second casino after the NSW government inked a binding agreement for James Packer's $1.5 billion VIP facility.
The third stage of the approval process for the project was signed off late yesterday.
The restricted gaming development will include a luxury six-star hotel and VIP-only casino at Barangaroo.
NSW Premier Barry O'Farrell says legislation will be introduced into parliament this week to enable the casino's approval.
Crown Resorts chairman Mr Packer says he will do everything he can to make Crown Sydney the best hotel in the world.
Crown generated a net profit of $395.8 million in fiscal 2013.
