The battle over Sydney’s casino marketplace took a dramatic turn this week, as Echo Entertainment unveiled a plan that would have a $1 billion expansion of their existing Star casino in the city. But while Echo had previously appeared to want a monopoly over the city’s casino industry, their latest plan also incorporates room for a new place operated by Crown, their arch rival.
Two Plans Offered Up
Echo’s latest proposal is actually two separate plans that they are willing to provide the brand new South Wales government. In either of the two scenarios, Echo says that they would be willing to spend A$1.1 billion ($1 billion U.S.) in order to build two brand new luxury accommodations along side expanding their casino.
The distinction between the two plans precipitates to what else Echo is ready to give the federal government and whatever they’d allow Crown doing into 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 additionally provided a alternate plan in that they will never make that payment. Instead, they’d enable Crown to build a casino in Barangaroo, on the condition that it in fact was a VIP-only center.
‘This alternative could be viewed as a potential win-win scenario for the people of Sydney,’ said Echo chairman John O’Neill.’ If that (more…)