ECHO Entertainment has taken the gloves off in the battle for the chance to expand its Sydney Casino. The battle started with Crown Casino putting forward a proposal, but ECHO Entertainments Star Casino is looking to win the NSW Governments extension to its current exclusive contract.
The Star Casino has as license that runs all the way until 2093, but its exclusive rights in Sydney only run until 2019. This has meant that Crown Casino has not been able to develop a casino in the region, much to its dismay. The owner of Crown Casino, Billionaire James Packer, has been proposing a huge $1 billion six-star hotel and VIP-only casino for the area.
ECHO Entertainment is looking to extend its current exclusivity contract and through this they plan to then extend the Star Casino, this extension will not happen if the exclusive contract is not given.
Crown Casino is a bigger player than ECHO and some will feel that ECHO’s intentions are really affecting Crowns potential in the Sydney area. Some do think that Crown will simply overstep ECHO if they don’t get their own way, this could be by trying to force a take over of the company.
Either way, ECHO is really standing up for itself and going forward with a vengeance in the hunt to keep its rights to the Sydney area.
Chief executive of Echo, John Redmond, has said:
“Echo looks forward to the opportunity to work collaboratively with the NSW government to develop a compelling proposal that could result in major additional investment in tourism infrastructure in the heart of Sydney’s tourism precinct of Darling Harbour and Pyrmont,”
Only time will tell who will get the rewards of the Sydney area, one thing we do know is that the Star Casino will be fighting its corner.