James Packer, executive chairman of Crown Resorts Ltd., shared with Manila reporters that his patience with the issues that might delay the construction of his luxurious hotel and casino in Sydney is running thin.
Crown cannot apply for the necessary approval of the plans for its AU$2-billion project, as a legal fight between the Barangaroo Delivery Authority and real estate property developer Lend Lease is currently taking place.
Earlier today, Mr. Packer shared in Manila, where his City of Dreams casino is set to have its official launch, that he is angry with the fact that things are taking too long to be sorted out. The executive pointed out that currently, Crown Sydney is his top priority.
Mr. Packer’s company initially planned to launch its luxurious hotel towards the end of 2018. As for the casino, it was expected to open doors for players no earlier than 2019.
The gambling venue cannot be launched earlier, due to the fact that Crown’s rival Echo Entertainment Group, which currently manages The Star Casino, was granted an exclusive license up until 2019.
Mr. Packer expressed his concerns that they will probably not be able to launch the casino on time, due to the dispute between the Barangaroo Delivery Authority and Lend Lease.
Crown received the nod from the local regulator last year. The approval of the plan for the construction of the casino is the last step and it must be given, so as for the construction process to begin.
Initially, the Crown project was estimated at AU$1.5 billion. Yet, the cost increased to AU$2 billion. According to Mr. Packer, Crown Sydney will offer to its visitors a total of 350 luxurious rooms and 80 apartments. He said that they intend to present their customers with something they have never seen before.
The executive also pointed out that some of the other Crown projects, such as the AU$1-billion hotel tower that will be added to the Melbourne casino, as well as the new casino venue and entertainment complex, located in Las Vegas, will probably be completed before the Crown Sydney project.
The delays in Sydney are only a small portion of the issues Packer’s company is currently facing. Its plan for the redevelopment of the Brisbane Waterfront might not be implemented, as it became clear during the weekend that the Labor will probably form the new government.
The party has not stated its position on the above-mentioned tender, which is fought out by Echo and Crown. The two companies revealed information about their large-scale projects back in December 2014.
Mr. Packer pointed that Echo has repeatedly abused its licenses, something that his company has never done.
At present, Echo is working really hard to improve its financial performance. The company spent almost AU$900 million on the renovation of its Star Casino. And this proved to be a successful move, as the gambling venue started boosting the company’s profits almost immediately.
During a press conference about the official opening of Packer’s City of Dreams Manila, the executive also shared his disappointment with the failure of his US$400-million bid to launch a casino and hotel venue in Sri Lanka.
