Crown Resorts to pay $100m for Sydney casino license

    The state of New South Wales has awarded James Packer’s Crown Resorts a license for its six-star luxury integrated resort project in Sydney, its second casino in the city.
    Crown will need to pay $100 million ($94 million) for the 99-year license, which also sets out a series of other terms and conditions, including minimum tax revenue levels for the state government.
    No poker machines will be allowed on the premises and gaming will be subject to minimum bets. Only members and guests will be allowed to gamble, not the general public, the company said in an Australian Stock Exchange filing.
    Smoking will be permitted in the facility, providing air quality equipment is installed.
    The license provides for Crown to pay a minimum of $1 billion in gaming taxes over the first 15 years of operation of the Crown Sydney resort. It also states that in the first three years, the revenue from the company’s combined operations in the city must be at least three times that of The Star casino in the year prior to opening the new resort.
    Crown Resorts CEO Rowen Craigie said the license award was an important milestone for the project.
    “Crown Sydney will help bring international and domestic tourists to Sydney, create over 1,200 jobs and generate significant economic benefits for New South Wales,” he said.