open in Sydney - Te Star Casino and a second due to open in two years - Crown Casino.
Te Star Casino is operated by Te Star Entertainment Group (formerly known as Echo Entertainment Group) which also operates two other Queensland casinos – Te Star Gold Coast and the Treasury Brisbane. Te group has also recently acquired the Sheraton Grand Mirage on the Gold Coast in a joint venture and manages the Gold Coast Convention and Exhibition Centre.
Te Star Sydney licence was originally awarded to Sydney Harbour Casino Pty Ltd back in 1994 and the casino licence continues until 2093 and includes an exclusivity arrangement in NSW for a single casino until November 2019.
Te Star is a huge entertainment centre with 600 room hotel, restaurants and bars and the casino has over 200 table games and 1,500 slots.
Te Sydney casino saw gross revenues last year of $1.73bn ($1.16bn domestic and $571.4m VIP) and an EBITDA of $285m. EGM revenue was up by 9.8 per cent.
Crown Resorts is currently constructing a casino/hotel in Barangaroo, Sydney which is due to open in 2021 at a gross project cost of around $2.2bn. Unlike the Star it will only operate with VIP restrictions and is due to include 350 rooms and apartments on 75 floors at over 271 metres tall will be the city’s tallest building.
Te hotel has seen almost $1bn in capital works projects spent on it or in process, including the completion of the new hotel club lounge plus plans for 1,000 hotel and residential rooms with the construction of a tower to be operated by Te Ritz Carlton and additional food, beverage and retail facilities.
Meanwhile Crown Resorts is currently constructing a casino/hotel in Barangaroo, Sydney which is due to open in 2021 at a gross project cost of around $2.2bn. Unlike the Star it will only operate with VIP membership restrictions and is due to include 350 rooms and apartments on 75 floors at over 271 metres tall will be the city’s tallest building.
Te proposal for the six star luxury resort was presented back in 2012 and the plan is to lure Chinese high rollers by taking advantage of a new streamlined visa proposal for Chinese
citizens. Crown already operates the resorts Crown Melbourne and Crown Perth. It is estimated that the Crown Sydney will have around 125 VIP gaming tables initially. Te question is whether it will encourage market growth or merely take visitors from the Star. Some fear revenue at the Crown Melbourne will diminish once Sydney becomes a two-casino town.
In 2018 China overtook New Zealand for the first time to become Australia’s largest inbound visitor market. Tere were around 1.39 million Chinese visitors to Australia during the year ending February 2018, an increase of 13.2 per cent.
James Packer has fought continuously to bring the Crown tower to life, most recently battling against the Barangaroo Delivery Authority to protect the tower’s harbour view.
NEWSWIRE / INTERACTIVE / MARKET DATA P167
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