Fri, Mar 15, 9:20am by Staff Writer
Crown Resorts’ latest project in Sydney is on course to meet its completion in the first half of 2021, The Urban Developer reports.
Following 14 months of construction, the hotel and casino development stands almost 120 metres above the harbour, with the first level of residences on level 33 scheduled to be poured in July.
In December, Crown and developer Lendlease won its fight against the New South Wales government to retain Sydney’s billion dollar harbour views at the Barangaroo project in a decision handed down by the Supreme Court.
In early November, only a small proportion of hotel rooms and no apartments at Crown’s A$2 billion casino tower at Barangaroo in Sydney would have their Opera House and Harbour Bridge views obstructed by a neighbouring development.
Crown and infrastructure giant Lendlease successfully sued the New South Wales government in a bid to protect “sight lines” at the southern end of Barangaroo.
In a report released on November 11, the Barangaroo Delivery Authority showed to the New South Wales Supreme Court that concessions had already been made to ensure that only small sections of Crown’s tower would be affected by developments in the area.
Crown and Lendlease argued that clauses in their 2015 development contracts stipulated they should have been progressively consulted on the development plans for Central Barangaroo.
The Barangaroo Development Authority unsuccessfully argued that relevant clauses in the contract were focused on good faith negotiations, which balanced the desire to optimise development at the site and did not guarantee that “sight lines” would be retained.
The views from Lendlease’s development will be significantly more affected than Crown’s casino hotel and residential complex, which is due to be completed in 2021.
ASX-listed Crown Resorts $2.2 billion development One Barangaroo is on course to meet its completion in the first half of 2021.https://t.co/8c5E2c0F0O
— TheUrbanDeveloper (@TheUrbDev) March 13, 2019
The development will also house a “limited collection” of 88 private residences.
The construction team has reached three building stages: completion of the podium structure that is capped off by two rooftop infinity swimming pools, fitting of the first of the hotel rooms and installation of the glass facade.
Crown Resorts’ Todd Nisbet described Crown Sydney as, “one of Australia’s most sophisticated buildings” targeting investment from ultra-high-net-worth individuals.
“We are singularly focused on delivering a sustainable luxury development that will stand the test of time,” Mr Nisbet said.
Hotel floors at the new complex start at level six and are now up to level 21.
The lift core currently sits at level 29, the current highest point of construction at 120 metres above the water.
Exterior glass panel installation has started, totalling more than 7,000 panels when complete.
Billed as a VIP-only casino and due to completion in 2021, Crown’s new high-end,
$2 billion residential and casino complex under construction in Barangaroo will be closely tied to an ‘international VIP program’.
The volume of high roller gamblers coming to Australian casinos has dropped since 2016-17 after the Chinese government embarked on an anti-gambling crackdown, jailing 19 Crown staff for illegal marketing activities on the Chinese mainland.
“The Australian VIP market recovery has potentially stalled. Now you have a macro headwind providing a bit of conservatism for material growth,” JP Morgan’s gaming analyst Donald Carducci said.
“It makes the business case for Barangaroo less attractive.”
The market consensus is that Crown’s newest venture in Sydney will feature 125 VIP gaming tables.
Analysts believe that if each table at Crown Sydney can generate $2 million, the casino will generate an uplift of $250 million a year.
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