Australia's casino landscape is set to change significantly over the next five years, with two major new casinos set to open and the possibility of as many as 2-3 others beginning construction.

Sydney, Australia's largest city, has a second casino under construction which will be ready to open by 2021 at Barangaroo. The $2 billion project will feature a VIP casino operated by Crown Resorts, which already operates casinos in Melbourne and Sydney.

Final approval for the project was granted in June this year, with a 350-room hotel also planned for the site, which overlooks Sydney Harbour.

While the new Sydney casino will compete with the monopoly enjoyed by The Star, the operator of that casino, The Star Entertainment Group, is behind the new $2.9 billion Queen's Wharf development in Brisbane, which is set to open in 2022.