Business Insider Australia Regulators today signed off on billionaire James Packer’s Sydney gaming licence for his Barangaroo casino development.
To secure the licence, Packer’s company Crown Resorts have five business days to hand over $95 million in fees to the NSW state government. The company made a $5 million payment towards the licence in July 2013.
The casino licence starts after November 15, 2019, lasts for 99 years and does not allow poker machines on site.
Crown Resorts estimates around $1 billion in gaming taxes – including the licence fee – will be paid to the NSW government over Crown Sydney’s first 15 years in operation.
The company’s CEO Rowen Craigie said the casino will “help activate Barangaroo 24 hours a day, making the precinct a safe and vibrant place for tourists, local residents and all Sydneysiders”.
The Crown Sydney Hotel Resort, which includes the city’s first six star hotel, is expected to be open from November 2019.