Crown Casino is the victor in its bitter battle against Echo Entertainment. Over the course of the past month, the two casinos operators have vied for the opportunity to expand Sydney’s gambling market, and Crown Casino’s proposal has been chosen.
This likely comes as devastating news for Echo Entertainment, which will be forced to give up its exclusivity in the city’s gambling market. In 2019, The Star will no longer be the only casino in Sydney, and the city will become the first in Australia to host two major gambling venues.
Crown Casino’s new gambling venue will be targeted at high rollers and VIP players. It will be a 60-storey tower with a six-star hotel and 80 luxury apartments. As part of its contract only players who have proven VIP status at other casinos will be permitted entry.
The casino operator will also be required to meet a number of concessions imposed by the NSW government. Firstly, the venue must pay 29% on all profits and its licensing fees must amount to $15 million within the first 10 years of the casino’s operation.
However, the benefits are plentiful. The new venue is expected to boost economic activity by $440 million by the year 2025, bringing in valuable tourism dollars and creating thousands of new jobs.