James Packer’s Casino Proposal Approved

Over the course of the past month, Echo Entertainment and Crown Casinos have been fighting over which casino operator will be granted the opportunity to expand the gambling market in Sydney. Echo Entertainment proposed a $1 billion expansion of The Star Casino while Crown Casinos proposed a $1.3 billion high roller gambling venue. This week, it was announced that only Crown Casinos proposal would be permitted to proceed.

The casino will be open by 2019, the year when The Star’s exclusivity agreement expires. The new gambling venue will include a 60-storey tower with a six-star casino, and it will only be open to VIP players that can prove they have obtained such a status at another local or international casino.

According to Premier Barry O’Farrell, the casino will generate a valuable source of income for the local economy, bringing in tourism dollars and contributing a generous amount of money to gaming taxes. By 2025, the venue will bring in $440 million in tax revenue. By 2025, it will increase annual economic activity in NSW by $442 million.

So, it seems that Barry O’Farrell made the right choice, as Crown Casinos’ new high roller venue will be a beneficial addition to the local economy.