Crown Ltd. plans a new casino in Sydney, but waiting times are really long
Crown Ltd may soon be given the opportunity to open up a brand spanking new casino in Sydney, Australia. But before Australians and other gamblers in the vicinity of the world famous picturesque city get too giddy with all the excitement, there is some rather disconcerting news. None of it would occur before the year 2019, which as you may have noticed, is over six years away.
James Packer, who is the big boss over at Crown Ltd, has long been an admirer of the city and has planned on opening a casino in Sydney for some time. Mr. Packer is planning a one billion dollar investment in the capital of New South Wales’ Barangadoo development park, in the hot Sydney Harbour region.
At present, any plans to build the new casino are impractical as the current license owner of the region is Echo Entertainment’s Star Casino Company; a title they are not very likely to surrender without a strong fight. However, their license expires in 2019, and that is when many feel the move by Crown, Ltd could potentially become a reality.
Having already picked up support from the New South Wales Liberal Party – who is currently in power – the Minister for Sydney Harbour, a Mr. Barry O’Farrell, things are certainly moving forward in the right direction for Crown, Ltd’s plans.
However a spanner could be thrown into the works by the Labour Party, who is currently opposed to the plan and also highly popular in the Australian state. In order to acquire the license currently held by Echo Entertainment, Crown Ltd, would also have to avoid placing any video poker machines in the casino. The reasons for this remain clouded at the moment; although it is felt that they’d face a heavy fine if they broke the terms offered by the New South Wales state.
Their main core audience of the potential new casino in Sydney will be the Asian gambling market, which is rapidly growing to be one of the largest in the world, with plenty of wealthy gamblers. This has been emphasized with several other larger companies also seeking to build casinos in Asia, although none thus far have expressed an explicit interest in Sydney itself as a destination. Hong Kong, Macau and Singapore currently dominate the Asian gambling market, with the Philippines gaining a foothold recently, and often one of the many cited countries for new casino developments.
Naturally if Echo Entertainment were to maintain their license, it would be entirely possible that the New South Wales state would offer a second license to Crown Ltd, effectively meaning two casinos held licenses over the same patch of turf. This is a possibility that is being realistically thought about when talks come to a head today.