James Packer on a roll with Crown Sydney win

THE timing could not have been better for James Packer.

As the billionaire toasted the Australian visit of Japanese Prime Minister Shinzo Abe at drinks in Canberra last night — and as plans for his mooted $US5 billion ($5.3bn) Japanese casino take shape — Mr Packer received word that the NSW gaming regulator had approved a licence for his $1.5bn Crown Sydney project.

Mr Packer and his entourage will today head to Perth, where his Crown Perth facility will host a state dinner for Mr Abe put on by Tony Abbott and WA Premier Colin Barnett.

Crown Resorts applied to the Independent Liquor and Gaming Authority (ILGA) in December last year for its licence to operate a tables-only casino at its Barangaroo development.

ILGA yesterday said it had determined that “Crown Sydney and all close associates of Crown Sydney were suitable to be concerned in or associated with the management and operation of the proposed Barangaroo Restricted Gaming Facility”.

Importantly, the decision was an exoneration of Mr Packer following his infamous altercation in a Sydney street with good friend David Gyngell in May, which ILGA investigated as it considered Crown’s Sydney licence application.

Both men were issued with criminal infringement notices following the incident.

ILGA said yesterday it considered any “criminal or related incidents’’ in reviewing whether Crown Sydney and its close associates were of ‘‘good repute, having regard to character, honesty and integrity’’.

The Victorian gaming regulator said last week that the incident would have no bearing on Crown Melbourne’s licence.

Crown said it would pay its $100m licence fee to the NSW government within the next five days, $5m of which it had already paid as a deposit.

The Crown Sydney project is still subject to planning approvals and negotiations with Lend Lease and the Barangaroo Development Authority.

The authority also took into account information obtained through its investigation into Crown’s application to acquire up to 23 per cent of Echo Entertainment. The stake purchase was completed in May last year and subsequently sold.

Source:  The Australian - 9th July 2014