The battle over Sydney's casino marketplace took a dramatic turn this week, as Echo Entertainment unveiled a plan that will feature a $1 billion expansion of these existing Star casino in the city. But while Echo had previously appeared to want a monopoly over the city's casino industry, their latest plan also includes room for a brand new place operated by Crown, their arch rival.
Two Plans Offered Up
Echo's latest proposal is actually two separate plans they are prepared to provide the newest South Wales government. In either of the two scenarios, Echo states that they'd be willing to invest A$1.1 billion ($1 billion U.S.) in order to construct two luxury that is new along with expanding their casino.
The distinction between the two plans comes down to what Echo that is else is to give the us government and what they'd allow Crown doing within the city. An additional $250 million in order to extend their exclusivity agreement in Melbourne, an agreement that currently runs through 2019 under their preferred plan, they would pay the government.
However, Echo also provided a plan that is alternative which they would not make that re payment. Instead, they'd allow Crown to build a casino in Barangaroo, in the condition that it was a VIP-only facility.
'This alternative can be regarded as a win-win that is potential for individuals of Sydney,' said Echo chairman John O'Neill.' If that proposition were accepted,