Packer’s Sydney dream comes close to reality

    Published in: Latest IntelligencePacker’s Barangaroo property is expected to generate $1 billion over the first 15 years of the casino’s operation from licence fees and gaming taxes, 29 percent of gambling revenue and 10 percent of rebated ‘international’ VIP gambling revenue, payable to the state government  byJamie Nettleton* On July 8 2014, James Packer’s Crown Resorts passed a probity assessment conducted by the New South Wales Independent Liquor and Gaming Authority (the ILGA) over its proposal to operate a second Sydney casino.The assessment was a critical step for Crown in realizing its objective for its Sydney casino to begin operations in November 2019. The proposed $1.3 billion VIP-only casino is planned to operate for 99 years as part of Sydney’s Barangaroo South’s centrepiece hotel resort.This probity review was completed fairly quickly – in just over six months. This took into account the previous probity review conducted in relation to Crown Resorts’...

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