Gaming | Crown Resorts suffers Sydney casino construction delay

Crown Resorts’ USD2 billion six-star hotel and casino, will experience an 18 month delay in its opening, pushing the launch of the Crown Sydney to 2021. This delayed construction raises the possibility of an increase in the construction budget.
The company, controlled and owned by billionaire James Packer, who is also a stakeholder in Melco Crown Entertainment, seems to appear increasingly hamstrung by the planning process, which has seen developer Lend Lease submitting a broader proposal for the larger Barangaroo South development, according to the Sydney Morning Herald. Packer has reportedly named the casino complex as his most important global project.
“We can’t lodge our approval until Lend Lease lodge their approval for Barangaroo South and all of that is complicated for a stand-
alone project. Progress is being made, but it is self-evident, compared to the original planning for opening, it is going to be running late,” said Crown CEO Rowen Craigie.
Although Craigie hopes he can expedite the construction schedule, he believes that the budget for Crown Sydney may increase nonetheless. “It is still four to five years away so we will be trying to catch up as much as possible,” he said. “The broad answer [on costs] would be yes. Construction costs can rise, but your revenue projections rise as well.”

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