A PROPOSAL by James Packer and Crown Limited for a second Sydney casino licence has received initial approval from the NSW Coalition government.
NSW Premier Barry O'Farrell announced this morning Mr Packer's plan to build a "VIP-only gaming facility" at Darling Harbour had passed an initial assessment by senior officials and would now be examined by an independent team to assess "if it is in the state's best interests".
If that gateway is passed, the government will begin formal negotiations with Crown, which would include a licence fee.
The gambling facility, which Mr O'Farrell said would not be a traditional casino and would not include poker machines, would be available by invitation only and would be targeted at the high-roller gambling market in Asia.
It would occupy the upper floors of a six-star resort hotel Mr Packer has an option to build at Barangaroo, the new $6 billion financial, retail and cultural precinct now in the early stages of development.
A second casino licence will require the approval of parliament, but this is a certainty after Mr Packer earlier this week secured the support of the Labor opposition.
The new casino could not operate until the expiration in 2019 of the exclusive agreement under which Echo Entertainment operates The Star, Sydney's only casino, also at Darling Harbour.
A second licence would make Sydney the only Australian city with competing casinos.
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