Crown Ltd is a gaming firm controlled by billionaire James Packer. The gaming company had moved a step closer to develop a Aus$1 billion casino in Sydney. Crown had beaten a rival proposal from Echo Entertainment Group Ltd.
The planned hotel and casino complex located at the west of the city's main business district had moved on to the third stage of government approval process. This was according to the New South Wales state premier Barry O'Farrell said today. The plan was chosen as it was said to be superior than its rival Echo's proposal of redeveloping an existing casino. Echo planned to redevelop Star Casino and build two new hotels. Further, Echo sought to build more than 50 bars and restaurants in the complex said the state government.
Echo shares decreased by 4.3% to Aus$2.91 at 1:05 pm in Sydney before trade in the securities was halted. Crown shares went up by 2.2% at Aus$12.21.
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