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February 2016 Gambling Update in Australia

The gambling world continues to grow. Every day there is something new occurring in the industry. Recently Crown Resorts announced that Barangaroo casino could be delayed further. Currently Crown Resorts currently is working on a new Barangaroo. The casino would be located in Syndney and it would have a VIP-only experience. As of right now the venue has a $2 billion price tag. A six star luxury hotel is expected to be built on the casino property. At first the casino and the hotel was expected to open in November of 2019. Now however, it might not open until 2021. Crown is hoping to get back time in the construction and the preopening aspect of the project.

 

Rowen Craigie who is the Chief Executive of Crown Resorts has stated that the planning process is complicated. He also stated that the approval for Crown Sydney could not be lodged until the developer, Lend Lease lodges their approval to change the master plan for Bangaroo South. The delays could possibly add more to the cost of building this project because of the price of construction continuing to go up.

 

Crown Resorts also operates casinos that are located in Melbourne and Perth.

 

The Wrest Point Casino is located in the state of Tasmania. It is the oldest casino in Australia and is the only legal casino that is operated in the state. It has been known to provide a fun monopoly gambling environment. The government might decide to change their policy and allow new casinos in their market.

The casino is owned by the Federal Group. Their exclusive contract with the casino is going to expire in 2018. The casino has been wanting the government to become more focused on its plans for the gambling industry. Wrest Point was promised $70 million from the Federal Group to give it a major makeover. This showed that the government was willing to confirm that it will extend their exclusive agreement they had together at the earliest.

 

In December of last year, Treasurer Peter Gutwein has said the government would not allow the Federal Group to be in put in much pressure into making a quick decision by using the $70 million contract. He also stated that the government will be analyzing the marketing decisions before making a final decision.

 

The Treasurer has also mentioned that the government will confirm its policy before Easter this year. Feedback the government receives from their treasury division will play a big role. The reason is because the Federal Group generates a significant amount of revenue that could be used to create a number of programs that will help the state. Marketing conditions have changed a lot in the state throughout the years. The changes have led to a lot of providers wanting to enter the market and make new establishments in the state.

 

Star Entertainment is going to build a second tower at Gold Coast’s Jupiter Casino site. This tower will have 700 hotel rooms and will be 200 meters in height. It will be facing the oceanic side of the lovely resort. Currently it has been waiting to get approval from the government. The first tower is already in the process of being 17 stories high and the hotel is already being refurbished. If the second one is able to receive approval, it will have a totally different type of feel than the first one. The second one is expected to have a state of the art theatre that will have live sporting events.

 

The current one has 600 hotel rooms and when the second one is completed, the resort will have a total of 1,400 rooms. This current tower will have 50 luxury suites and a six star rating. However, the second tower will more than likely have a 4.5 star rating.

 

More than likely Star Entertainment will invest around $850 million for the whole project. This includes premier food and beverage facilities. It is expected to benefit the local community in a large way. Around 1,000 temporary construction jobs will be generated. The number of permanent jobs will more than likely rise to an estimate of 2,300.

 

Star Entertainment Group will partner up with Far East Consortium and Chow Tai Fook Enterprises to create the new project. The plan is to not just make it a huge attraction to residents, but to tourists as well. Matt Bekier, CEO of Star Entertainment Group stated, “We want to be Australia’s leading integrated resorts operator and our plans for the Gold Coast are significantly important part of that vision. Importantly, we will also have a world-class property just up the highway at Brisbane to ensure the tourism experiences on offer, while unique by location, will also be complementary and of benefit to the broader southeast Queensland area by significantly increasing visitation.” As of right now, they are on the right path to accomplishing this.

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