Skift Take
Australia watched wealthy Asian gamblers double Macau’s gaming revenues for three years and now wants a larger piece of the pie as well as the venues to attract the high-spending tourists.
Crown Ltd., the gaming company controlled by billionaire James Packer, moved a step closer to developing a $1.2 billion (A$1.3 billion) casino in Sydney, beating a rival proposal from Echo Entertainment Group Ltd.
Crown’s plan for a hotel and casino tower west of the city’s main business district will proceed to the third stage of a government approval process, New South Wales state premier Barry O’Farrell said today. The plan would boost tourism, deliver extra tax revenue and contribute more to the state economy than Echo’s proposal for a A$1.1 billion redevelopment of its existing Star casino, the state government said.
Echo will lose its exclusivity to operate Sydney’s only casino after 2019 as a result of the decision, amid competition with Crown for tourist dollars from high-rolling Asian gamblers who’ve doubled Macau’s gaming revenues ov
