Packer’s Crown Beats Echo Over $1.2 Billion Sydney Casino
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Crown Ltd., the gaming company controlled by billionaire James Packer, moved a step closer to developing a A$1.3 billion ($1.2 billion) casino in Sydney, beating a rival proposal from Echo Entertainment Group Ltd.
Crown’s plan for a hotel and casino tower west of the city’s main business district will proceed to the third stage of a government approval process, New South Wales state premier Barry O’Farrell said today. The plan would boost tourism, deliver extra tax revenue and contribute more to the state economy than Echo’s proposal for a A$1.1 billion redevelopment of its existing Star casino, the state government said.