James Packer’s Crown Resorts Limited
(ASX:CWN) has scored a win for its hotel development at Barangaroo on Sydney’s harbour.
The New South Wales government has granted the gaming company a 99-year licence to operate a casino at the site. In exchange Crown will pay $100 million to the state government within five business days.
The restricted licence has a number of strings attached including the exclusion of poker machines once gaming begins after November 15, 2019.
CEO Rowen Craigie says the approval is an important milestone for the project which is aiming to become an iconic six-star hotel for Sydney and recognised globally.
Crown has also advised the state government will receive at least $1 billion in gaming taxes over the first 15 years of Crown Sydney’s operations.
Crown Resorts generated a net profit of $382 million in the first half of the 2014 financial year.
