Australia-listed Crown Resorts has announced a 18 month delay of its $2 billion six-star development in Barangaroo, Sydney – which will push its opening to 2021, local media reports.
“Obviously the delay in the planned opening of Crown Sydney is regrettable,” said Crown chief executive Rowen Craigie quoted by Sydney Morning Herald. “We can’t lodge our approval until Lend Lease lodge their approval for Barangaroo South and all of that is complicated for a stand-alone project. Progress is being made, but it is self-evident compared to the original planning for opening it is going to be running late.”
Craigie says he hopes to trim the construction schedule, but admitted the budget for the development may rise.
“It is still four to five years away so we will be trying to catch up as much as possible,” he said. “The broad answer [on costs] would be yes. Construction costs can rise, but your revenue projections rise as well.”
The NSW Department of Planning and Environment confirmed it has yet to receive a formal response from Lend Lease and Crown.