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Stay Escape to Sydney's newest sanctuary by the harbour. Book now. Barangaroo Sydney's newest waterfront destination. Crown Sydney has been designed not just to frame the views of Sydney Harbour's icons, but to stand alongside them as a defining landmark of this beautiful city.
The sculptural form of the building is reminiscent of three petals intertwining together towards the sky, designed by award-winning British architecture firm Wilkinson Eyre.
Careers Work with us. Crown's casino licence now hinges on former Supreme Court judge Patricia Bergin's findings from the year-long investigation into the group, which was triggered by a series of reports by this masthead.
The recommendations are due by February 1. Crown could lose the licence completely, or have strict conditions imposed.
Changes to Crown's management and board could be required, and Packer may have to sell down some of his 36 per cent holding in Crown to lessen what counsel assisting the inquiry called his "deleterious" influence.
But even if Crown keeps its licence, there are questions about whether Crown Sydney is viable in its current form or if the city's tallest building could become a white elephant.
The risk, according to gaming industry experts, is that even after Australia's international borders reopen the Chinese high rollers that were a vital part of the Barangaroo business plan are unlikely to return.
When Packer first proposed the project in , he made it clear having a high-roller, members-only casino attached was crucial to its viability and that China was the biggest opportunity.
The casino would triple the value of international VIP gaming business coming into Sydney, Packer claimed. But in October, while giving evidence to the Bergin inquiry, he conceded that would never eventuate.
The billionaire businessman explained that in the original business case international high rollers would generate a third of Crown Sydney's earnings, with local gamblers and its hotel and hospitality operations making up the balance covering the cost of construction.
James Packer during the inquiry hearing. Getting out of Crown could lead to him forfeiting his control premium. Country Club Launceston Wrest Point Hobart.
Lasseters Alice Springs Mindil Beach Darwin. Christmas Island Resort. From Wikipedia, the free encyclopedia.
Crown Sydney Crown Sydney in November New South Wales portal. ABC News. Sydney Morning Herald. Australian Financial Review. The Sydney Morning Herald.
Retrieved 12 July Premier of NSW. Archived from the original PDF on 24 April Retrieved 8 February Retrieved 31 July South China Morning Post.
The Age. Retrieved 21 December Retrieved 30 March Retrieved 16 August Retrieved 18 November Retrieved 21 November Retrieved 19 December Commissioners can also make recommendations to other bodies, such as the Australian Securities and Investments Commission, if they think it warranted.
Over the course of the inquiry, Crown has repeatedly passed up opportunities offered by Bergin to make concessions, show contrition and offer up a way it can become a fit and proper entity to run a casino.
Last month it ditched a special deal under which major shareholder James Packer was given secret financial information not shared with any other shareholders.
It also promised to fast-track its new digital money-laundering surveillance system and establish a compliance team separate from the money-making parts of the business.
Then by Tuesday it promised not to deal with junket operators unless they are licensed by authorities — something that would require changes to the law in Victoria and NSW.
Finally on Wednesday it conceded that money laundering probably took place in bank accounts controlled by two of its subsidiary companies.
Crown failed to include them in its anti-money laundering reports to Austrac and at least two banks closed them down because of money laundering concerns.
The lateness of the money laundering concession visibly angered Bergin, who has watched footage of hundreds of thousands of dollars in cash being ladled out of shopping bags in a room at the Melbourne casino run by junket operator Suncity.