Gaming Operations Expected at Crown Sydney in 2022
Crown Resorts treated its investors to some rare good news this week. CEO Steve McCann revealed he fully expects the commencement of gaming operations at Crown Sydney in early 2022.
Crown Sydney opened in December 2020 without any gaming facilities. The lavish, state-of-the-art casino is brimming with pokies and table games, but it does not have a licence to operate them. This is because the Independent Liquor and Gaming Authority suspended the casino licence following an inquiry.
McCann spoke at an investor presentation this week where he explained Crown is in talks with regulators.
“With all areas of the hotel now complete, we have welcomed approximately 1,300 employees to Crown Sydney at a time when the hospitality industry has been severely impacted by the pandemic restrictions. This includes almost 420 employees to-date in gaming related roles.”
“As you are aware gaming areas are yet to commence as we continue to work through the consultation process with ILGA. We believe we have made good progress in implementing the reforms contained in our remediation plan, including those outlined in the Bergin report, and continue to work constructively with the independent monitor.”
“We are in frequent discussion with the ILGA, and whilst no official opening date has been confirmed by the regulator, we are currently targeting the gaming floor opening early in the new year.”
What Can You Do at Crown Sydney?
Crown Sydney has accepted hotel customers since December 2020. The unused casino is art of a 75-floor tower complex. Crown Resorts spent $2.2 billion in the property’s construction.
The hotel is Sydney’s first 6-star luxury resort, featuring 349 rooms. Deluxe King Rooms cost upwards of $869 per night. Staying in a Premier Harbour Bridge Suite commands a $1,539 per night fee.
In addition, there are 76 luxury residences, most of which has already sold. Crown sold 85% of the apartments in the first few weeks they became available. Those sales generated $1.1 billion in gross sales and pre-sale commitments. Crown revealed it has $925 million of those sale proceeds in its accounts. A further $325 million in sales proceeds is expected by June 2022.
Visitors to Crown Sydney can wine and dine in no fewer than 13 restaurants and bars. The latest, Oncore by Clare Smyth, commenced trading on November 18. other eateries include the world-famous Nobu, and Woodcut that chef couple Ross Lusted and Sunny Lusted run. Woodcut uses only Australian produce and cooks using charcoal, steam, or wood.
What Is The Casino Like in Sydney?
The Crown Sydney casino is aimed at the more affluent customers in the region. This is evident by the sky-high accommodation costs. The gaming floor is actually three intimate high roller areas. This is unlike Crown Melbourne or Crown Perth where there is a single gaming space.
The Crystal Room and Mahogany Room are located on the lowest levels of Crown Sydney. High rollers heading to the Sky Gaming area need to find their way to the 30th floor. Only the highest of high roller customers frequent the Sky Gaming space.
Crown has 160 gaming tables spread across the three gaming areas. Roulette, blackjack, and baccarat are present and correct, especially the latter which is a favourite game for the well-heeled. In addition, 70 electronic gaming terminals are in place throughout the casino. Those figures are for the first year of operation only. Crown plans installing more gambling products after the first stage of opening.
No Further Blackstone Developments
McCann did not speak of any developments regarding the potential takeover by Blackstone Group. Crown Resorts’ board rejected Blackstone’s latest offer for 100% of the company’s stock. However, it shared confidential information with the American investment giant and invited it to make a fresh offer.
A fully licensed and functioning casino is attractive to Blackstone. Indeed, it gives Crown additional bartering power, too.
