Crown Resorts Dealt Yet Another Blow for 2016

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For those who were looking forward to the grand opening of the Barangaroo Casino in Sydney, luckynuggetcasino.com has some pretty bad news. The brand-new casino that was to offer a VIP-only experience, is now, well, definitely delayed. The venue came with a $2-billion price tag and includes a swanky six-star luxury hotel, alongside a host of other amazing features. It could be some time, we believe, until the casino-hotel complex will finally be constructed.

It was rumoured the mega-money complex would be revealed in 2019, but unfortunately last year, Crown Resorts – owned by the infamous James Packer – announced it required a 9-month extension for completion. The chief executive of Crown Resorts, Rowen Craigie, has said the delay could now extend up to 18 month after its regular due date. The new casino might not open until 2021, with the company looking to claw back some of this time, speeding up the construction and the pre-opening phase.

Cutting words by the chief-exec

The Chief-Exec has come out to suggest that the planning process has turned out to be complicated and getting approval from the Crown Court in Sydney could not be gained until the developers, Lend Lease, lodges approval to change the overall plans. These delays have mounted up creating a backlog of paperwork and with unused machinery racking up costs, this is dead money for Packer’s business.

This turmoil only adds to the pressure that Packer is under with the added stress of a huge tax bill suddenly sprung on the business.

The business was struck with a tax bill in the $360 million range a couple of weeks ago, adding further financial strain on Crown Resorts Casinos. With this new VIP-casino looking to capitalise on the recent string of high-rollers jetting over to Australia, the delays they are suffering due to bureaucracy must be proving rather frustrating.

To keep up to date with all the latest casino news then bookmark the Lucky Nugget Casino blog! Let’s hope things start picking up for James Packer and his team!