James Packer's Crown Casino resort given final tick of approval
The New South Wales Government has given the final approval to James Packer's Crown Casino resort at Barangaroo on Sydney Harbour.
The $1.5 billion development has been approved under strict conditions imposed by the government and the opposition, including VIP gaming only and no poker machines.
The NSW Premier Barry O'Farrell says it will be a restricted gaming facility for high-rollers.
Legislation will be introduced into parliament this week, but the proposal still needs approval by planning and gaming authorities.
Mr O'Farrell says he has given it the green light because of the economic benefits for the state.
"We support this proposal because of its economic benefits to New South Wales," he said.
"Not just the 1,300 jobs during construction but also the 1,200 ongoing jobs and the additional revenue to government.
"What Crown is guaranteeing is a minimum of a billion dollars over the first 15 years in operation. But their business case model suggests that figure will be far higher."
The casino plans have been changed a number of times to suit the government's request.
It is expected the legislation will pass with support from the government and the opposition, which would see Sydney have a second casino after 2019.
Video: Packer hits the casino jackpot (Lateline)
Independent Senator Nick Xenophon says he is concerned the casino may lobby against regulations if conditions change.
"I suspect what will happen here is that the standards will continually be reduced so this will no longer be a high roller casino in years to come," he said.
"If James Packer isn't making the projected returns on this casino then obviously he will be lobbying again through his very powerful stable of lobbyists on both sides of politics, [including] ex-politicians, to get the standards changed."
Earlier this year a panel considering rival bids by Crown and Echo Entertainment found there was a need to "inject competition" into Sydney's casino sector.
Echo Entertainment had promised to upgrade its The Star casino at Darling Harbour and pay $250 million to extend its exclusivity rights.
Echo currently holds Sydney's sole casino licence, which is due to expire in 2019.
Both plans were assessed by a panel led by former Future Fund chief David Murray, which found that the value of Crown Sydney to the NSW economy would be 26 per cent higher than the Echo plan.
Meanwhile, Sri Lanka's main opposition party which has protested against another of Mr Packer's ventures, a $US400 million casino in Colombo, has called for Mr Packer's arrest.
The party acknowledges the police are unlikely to move on Mr Packer, who has angered Buddhist religious leaders with his plans for a casino in the capital.
Source: ABC News
