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Australia – Crown granted Restricted Gaming Licence for Barangaroo

By - 10 July 2014

Crown Resorts has been issued a Restricted Gaming Licence by the New South Wales Independent Liquor and Gaming Authority for the Crown Sydney Hotel Resort at Barangaroo South and has also signed a number of further Agreements with the New South Wales Government and ILGA.

No poker machines will be permitted at Crown Sydney and gaming in the Restricted Gaming Facility at Crown Sydney will be subject to minimum bet limits.

Crown Resorts’ Chief Executive Officer, Rowen Craigie, said: “Today is an important milestone for the Crown Sydney Hotel Resort project. Crown and its Chairman, James Packer, are committed to building a truly iconic six-star hotel for Sydney that will be recognised globally. Crown Sydney will help bring additional international and domestic tourists to Sydney, create over 1,200 jobs and generate significant economic growth for New South Wales. For the local community, Crown Sydney will help activate Barangaroo 24 hours a day, making the precinct a safe and vibrant place for tourists, local residents and all Sydneysiders.”

The Crown Sydney Hotel Resort project is still subject to planning approval as well as the negotiation of final agreements with Lend Lease and the Barangaroo Delivery Authority but is expected to open in November 2019.

The Crown Sydney Restricted Gaming Licence has a term of 99 years. Crown will pay a Licence Fee to the New South Wales Government of $100m, of which a $5m deposit was paid in July 2013.
Only members and guests will be permitted to participate in gaming at the Restricted Gaming Facility at Crown Sydney with no access to the general public.

Gaming at Crown Sydney cannot commence until after 15 November 2019. Smoking will be permitted in the Restricted Gaming Facility at Crown Sydney provided that international best practice standard air quality equipment is installed, properly maintained and is subjected to regular testing.

Gaming taxes will be set at a non-rebate Duty on Non-rebate Gaming Revenue of 29 per cent, which includes the two per cent Responsible Gambling Levy and GST; and Rebate Player Duty on Rebate Gaming Revenue of 10 per cent, which includes GST.

Crown has guaranteed to the New South Wales Government that the aggregate of the gaming taxes received by the State from Crown Sydney and The Star in the first three years of gaming at Crown Sydney will be equal to at least three times the gaming taxes received from The Star in the year prior to gaming commencing at Crown Sydney; and during the first 15 years of operation of Crown Sydney, the State will receive at least $1bn in gaming taxes from Crown.

Given Crown’s commitment to undertake this significant investment in Sydney’s first six-star hotel resort, the State has agreed to compensate Crown for certain events, including if the State amends or cancels the Restricted Gaming Licence or if the State increases the rates of gaming tax in the first 20 years of operation of Crown Sydney.

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