Crown's Sydney casino to deliver $100m in extra tax revenue for NSW government in first year, experts say
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Crown's Sydney casino is expected to deliver $100 million in extra tax revenue to the NSW government in its first year. It's a quarter of what Crown's Melbourne venue delivers to Victoria's coffers.
Crown Resorts was granted a licence to operate its Sydney casino this week. Experts say the casino will make a quarter of what Crown Melbourne makes. It will need to hire 2,000 extra staff. The government will rake in $231 million from casinos in the next financial year. The revenue from Star Casino will be $500 million. China has issued edicts banning gambling in several jurisdictions. Macau-based casino analyst Ben Lee believes Crown needs to attract more international customers. He believes the company cannot operate a successful casino without poker machines. Blackstone took over Crown Resort on Friday.
Crown was granted a licence to run its Sydney casino earlier this week. Experts predict it will make a quarter of what Crown Melbourne makes. Crown predicts it needs to hire 2,000 extra staff.
Crown's Sydney casino will generate $100m in extra tax revenue for NSW government in first year. Crown agrees to comply with the following: Not engaging with junket operators, appointment of an independent monitor, due diligence on cash transactions over a certain threshold, and monitoring patron accounts for criminal activity.
Crown's Sydney casino is expected to generate $100m in extra tax revenue for NSW government in first year. Crown will not engage with junket operators and appoint an independent monitor.
