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.