Ashurst Advises Crown on $1.4 Billion Sydney Casino
Crown, an Australian gaming and entertainment group, has received final approval from the New South Wales government to build a Crown casino at Barangaroo on Sydney Harbor. The permission comes with some conditions. Local residents will only be allowed to play if they join a special membership club. No poker machines will be allowed in the casino and the overall gaming space will be restricted to 20,000 square meters.
New South Wales Premier Barry O'Farrell said the green light was given because of the economic benefits the state government will receive. Crown has guaranteed a minimum of $934 million in license fees and tax payments to the government over the first 15 years in operation. The project is also expected to create 1,300 jobs during construction and an additional 1,200 after the casino is built.
The 70-story resort will include a luxury hotel and apartment complex, restaurants and 10 private VIP gaming saloons.
Sydney partners John Stawyskyj and Garry Besson led the Ashurst team advising Crown, while Baker & McKenzie Sydney partners David Holland, Howard Fraser, Geoffrey Wood, and Sebastian Busa acted for the New South Wales government.