Yahoo Finance What are they hiding? Barangaroo casino licence paper kept secret from public
While gambling moghul James Packer remains in the limelight with his super-ambitious expansion plans, it appears that one of the key documents relating to the Barangaroo casino licence has been kept secret from public.
Crown has paid the NSW government a $100 million licence fee for the right to operate a VIP-only casino in Sydney's Barangaroo for 99 years from November 2019.
It has now emerged that some of the files containing the details of the lucrative licence have been stamped secret by the NSW gambling regulator, Fairfax reports.
A report published in the Sydney Morning Herald says that while the Independent Liquor and Gaming Authority has released seven out of the eight agreements that outline how the "restricted gaming facility" will operate, one of them has been censored.
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The report claims that this one agreement has even had its title redacted, and the identities of all parties involved have also been kept under the wraps.
The authority argues that the document is commercially sensitive in nature and that trumps the public's right to know.
"The information redacted in the VIP Gaming Management Agreement document would, in the view of the authority, not promote the objects of the relevant act and be commercially damaging to the licensee or related entities if released," a spokesman for the authority was quoted as saying by Fairfax.
Crown was awarded the casino licence without tender via the government's controversial unsolicited proposals process.
In return, Crown will pay the government $100 million within five business days, not including a $5 million deposit paid last year.
Under the restricted licence, no poker machines will be permitted at the Crown Sydney Hotel Resort complex, on the southern end of Sydney's Harbour Bridge, once it begins operations after November 15, 2019.
There'll also be minimum bet limits and only members and guests will be able to play, with no access to the general public.
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But smoking within the restricted gaming area will be allowed, pending the installation of international standard air quality equipment.
Crown says that during the first 15 years of what will be Sydney's second casino, the state government will receive at least $1 billion in taxes.
Crown Resorts chief executive Rowen Craigie described the approval as an important milestone for the planned complex.
"Crown and its chairman, James Packer, are committed to building a truly iconic six-star hotel for Sydney that will be recognised globally," Mr Craigie said.
"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."
Crown's $910 million deal to pay less tax
Crown has also struck a deal with the Victorian government to pay less tax on VIP gaming, increase its table games and poker machines, and extend its Melbourne casino licence.
In return for the amendments to its casino licence and management agreement, Crown will pay the Victorian government an extra $910 million.
Crown said the reforms would allow its Melbourne casino to compete more effectively with interstate and overseas casinos, boost tourism and create new jobs.
Crown Resorts chairman James Packer said that in the 10 years to 2016 Crown will have invested $1.7 billion to upgrade its Melbourne casino resort.
