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Packer's Crown to build Sydney hotel at Barangaroo
[Thu 02/08/2012 01:18:01]
By JAMES WILKINSON
Crown Limited has this morning (Aug 2) announced it has signed an Exclusive Dealing Agreement with Lend Lease to develop plans for a luxurious hotel at Barangaroo South in Sydney.
The move comes just a day after Crown revealed plans to build a 500-room Crown Towers hotel at Burswood in Perth and the new deal with Lend Lease in Sydney gives the company an exclusive 24-month window to reach key milestones and obtain necessary planning approvals for the hotel, which will be located on north west corner of Barangaroo South adjacent to Sydney Harbour.
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Sydney's Barangaroo will now be home to a new Crown hotel.
Crown’s Executive Chairman, James Packer, said he wanted to build a hotel on the site that would be “the best hotel in the world”.
“Sydney deserves one of the world’s great hotels on its magnificent harbour,” said Crown’s Executive Chairman, James Packer. “My desire is for Crown to build the best hotel in the world at Barangaroo.
“Crown’s record demonstrates we can deliver a centrepiece that will draw millions of tourists.
“A Crown integrated resort at Barangaroo would boost the economy, create thousands of new jobs, contribute significant tax revenues to the State Government and enhance the overall attractiveness of Sydney as a first class international tourist destination.
“Crown is delighted to have the opportunity to be a part of Barangaroo and we look forward to working with Lend Lease to bring the internationally recognised Crown brand to Sydney,” he said.
Packer said his company is currently investigating options to “incorporate a VIP only gaming facility at the hotel resort”, one that he said would be “necessary to provide the commercial underpinning for any development and for the operation of a world class six star hotel resort”.
Adding gaming facilities would require New South Wales Government and gaming regulatory approvals, including the approval of a casino license.
Echo Entertainment, owners of The Star in Pyrmont, currently have the sole casino license for Sydney, which is under an exclusive arrangement until 2019.
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