Echo Releases Sydney Casino Plan with Crown Casino Option
The battle over Sydney’s casino marketplace took a dramatic change this week, as Echo Entertainment unveiled a plan that could include 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 brand new venue operated by Crown, their arch rival.
Two Plans Offered Up
Echo’s latest proposal is actually two separate plans that they’re willing to offer the brand new South Wales government. In either of this two scenarios, Echo states that they would be willing to invest A$1.1 billion ($1 billion U.S.) in order to create two new luxury resorts along with expanding their casino.
The difference between the two plans boils down to what else Echo is ready to provide the federal government and whatever they’d allow Crown to complete into the city. Under their favored plan, they would pay the federal government an additional $250 million so as to increase their exclusivity agreement in Melbourne, an agreement that currently operates through 2019.
Nevertheless, Echo also provided a plan that is alternative that they will never make that re payment. Instead, they’d enable Crown to build a casino in Barangaroo, regarding the condition that it in fact was a facility that is VIP-only.
‘This alternative can be viewed as a potential win-win scenario for the folks of Sydney,’ said Echo chaiContinue reading