Echo Entertainment, an Australian gaming firm has submitted plans for a US$1 billion expansion. The expansion was planned for the Star Casino in Sydney. This also included an option that would allow rival Crown Ltd to open a VIP-only casino.
Until 2019, Echo holds the sole license to operate a casino in Sydney. It has been lobbying to extend its rights in an attempt to block the planned addition of Crown's Melbourne casino.
Billionaire James Packer of Crown Ltd said that the company wants to open a VIP casino in Sydney. This is a part of the Aus$1 billion six star hotel and residential waterfront development. The said plan will boost its shares in the lucrative Asian gambling market.
Echo released a statement stating to invest more than Aus$1.1 billion. The investment will be used to build two new luxury international hotels. It will also be used to expand its casino and pay the government US$250 million in cash to remain the exclusive casino operator.
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