Crown Resorts in Australia is set to get even bigger now that it has been granted approval for a VIP focused casino and six star hotel in one of the most affluent suburbs in Sydney. This will mean that the Crown Sydney Hotel Resort will be something reminiscent of what is seen in American casinos in Las Vegas. Not only that but it seems as if the longstanding monopoly of Echo Entertainment’s casino, The Star, will be about to come to a crashing end.
Once the facility is completed in 2019 it will become one of the most luxurious casinos in the Southern Hemisphere. This is set to be a big boost for the gambling industry in Australia and the economy as well because of the amount of jobs it will create. It is believed that this project will lead to a creation of 1,200 jobs and a significant amount of growth for the NSW economy.
Not only will there be a significant amount of jobs created but there is also a lot of money that this facility will generate for the local economy, which is a massive boost. It is expected that Crown will pay $95m within five days of opening the facility, which is on top of the $5m deposit that has already been paid. There is also a large amount in taxes to be paid, $1b worth over the first fifteen years.
This is a big move for Crown in Australia and it’s set to add a lot to the gambling industry in NSW and the Australian economy in general.