XBlog
29 Feb Crown Resorts $1.1 Billion Sydney Casino Project Cleared for Take-Off
An performers' rendering of Crown's towering Crown Sydney resort Resort, which had been green-lit this week
James Packer's Crown Resorts has received approval to transform the skyline of Sydney, Australia, with all the creation of the skyscraping $1.1 billion casino resort.
The 72-story Crown Sydney Hotel Resort project has cleared the final hurdle, signed off on Monday by the brand New South Wales Planning Assessment Commission, and today awaits the formality of a green light from the state government for construction to start. Crown had been additionally awarded a 99-year gambling license.
The casino resort complex, which will be Sydney's 2nd, after Star Casino, will tower above Barangaroo on the edge that is northwestern of's central business district and can aim to attract high-rolling gamblers from Asia.
Crown Resorts recently announced it would sell $800 million of its shares in Macau-based Melco-Crown, reducing its stake from 34 percent to 27 per cent, reigning in its expansion in Asia in order to concentrate on projects nearer to house.
Including the Sydney casino, Crown has costly developments that are new for Melbourne and Perth and, as Macau's fortunes tumble, they evidently decided that it is safer to lure Asian high-rollers to Australia.
Changes Ordered
The Crown Sydney will boast a hotel that is 300-room flats, restaurants, bars, stores, conference facilities and VIP video gaming rooms. Crown