Wont Let Crown Casino Operate in Sydney Before
2019 - 7th March 2013
Ltd. (CWN)s planned casino in Sydney targeting
high-rolling Asian gamblers wont open until
exclusivity rights held by Echo Entertainment Group
Ltd. (EGP) expire in 2019, according to New South
Wales Premier Barry OFarrell.
casino and hotel at the Barangaroo development site,
west of Sydneys central business district, would
be run under the same probity and regulatory arrangements
as Echos Star complex, OFarrells
spokesman Cameron Hamilton said in an e- mailed statement
today. The rival complexes would face each other across
a stretch of Sydney Harbour.
new VIP-only facility will not be operational before
the existing exclusivity agreement expires on 14 November
2019, according to the statement, made in response
to queries after the Australian Financial Review newspaper
reported Crowns complex wont require a
So-called VIP gamblers are given perks such as free
accommodation and travel in return for gambling large
sums. Echos former owner, Tabcorp Holdings Ltd.
(TAH), paid A$100 million ($103 million) to the New
South Wales government in 2007 in return for a 12-year
license to operate Sydneys only casino.
slumped the most in more than four months in Sydney
trading, falling 4.4 percent, after the newspaper
report. The stock recovered some losses and was down
1.8 percent at A$3.595 as of 12:37 p.m.
subsidary Pennwin Pty owns 10 percent of Echo, according
to data compiled by Bloomberg. Shares of Melbourne-
based Crown gained 0.4 percent to A$12.35.
Debelle, an external spokesman for Echo at Citadel
Communications in Sydney, said he had no immediate
comment. Karl Bitar, a Crown spokesman, didnt
immediately return a mobile- phone message and an
e-mail seeking comment.