Echo Releases Sydney Casino Plan with Crown Casino Option
The battle over Sydney’s casino marketplace took a turn that is dramatic week, as Echo Entertainment unveiled a plan that would include a $1 billion expansion of their existing Star casino in the city. But while Echo had formerly appeared to want a monopoly over the city’s casino industry, their latest plan also incorporates space for a brand new location operated by Crown, their arch rival.
Two Plans Offered Up
Echo’s latest proposal is actually two separate plans that they are prepared to provide the latest South Wales government. In either of this two scenarios, Echo states that they’d be willing to invest A$1.1 billion ($1 billion U.S.) in order to build two brand new luxury hotels along side expanding their casino.
The distinction between the two plans comes down to what else Echo is ready to give the federal government and whatever they’d allow Crown to complete in the city. Under their preferred plan, they would pay the federal government an additional $250 million so as to extend their exclusivity agreement in Melbourne, an agreement that currently runs through 2019.
But, Echo also provided a plan that is alternative that they would not make that payment. Instead, they would enable Crown to build a casino in Barangaroo, on the condition that it in fact was a VIP-only center.
‘This alternative are seen as a potential win-win scenario for individuals of Sydney,’ said Echo chairman John O’Neill.’ If that prop Continue reading “Echo Releases Sydney Casino Plan with Crown Casino Option”