Crown Resorts One Queensbridge planning extension rejected

Company News

by Anna Napoli

Crown Resorts Limited (ASX:CWN) together with its joint venture partner Schiavello Group have today announced that an extension to the construction commencement date for the proposed One Queensbridge project has been rejected by the Victorian Government.

No formal notice has been received from the Government but it is expected shortly.

The project was subject to obtaining financing arrangements that were satisfactory to Crown and Schiavello. Unfortunately these arrangements could not be achieved before the construction commencement date under the planning approval.

Crown retains a 50 per cent ownership interest in the land and will consider the next steps for the property in conjunction with Schiavello.

Shares in Crown Resorts (ASX:CWN) are trading 1.13 per cent higher at $11.68.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.