Packer Sydney casino proposal to proceed

Another high roller room in Sydney will attract unsavoury and laundered money, says a NSW Greens MP. Source: AAP

JAMES Packer's proposal for a second Sydney casino has been given the green light to proceed to the next stage.

NSW Premier Barry O'Farrell says the proposal for Crown could proceed to "stage three" of the assessment proposal but it was not yet a licence to build.

The parliamentary committee charged with assessing Mr Packer's proposal, as well as a rival bid by the owners of The Star, found Crown's contribution to gross state product and tax was 26 per cent and 31 per cent larger than Echo's respectively.

"There is no agreement yet for a new VIP facility," Mr O'Farrell told reporters in Sydney in Thursday.

"There is an agreement to go to stage three."

Cabinet met on Thursday morning to consider a report by businessman David Murray into which of the two competing bids for a Sydney site would deliver the state the greatest financial benefit.

Echo wanted to build two new hotels next to The Star and connect Pyrmont, Darling Harbour and Barangaroo into one integrated resort, while extending the company's right to be the state's sole casino operator for a further 15 years.

Meanwhile, Packers's Crown Group is lobbying for a second Sydney casino with plans for a new $1.5 billion luxury hotel and VIP-only facility on Barangaroo.

Mr Murray said the decisive factor in the decision favouring Crown was the opportunity to introduce competition to the market.

"It came out strongly for both proponents but more strongly for Crown," Mr Murray told reporters.

He said Sydney had been underperforming nationally and internationally, and NSW needed an integrated resort style facility to compete more effectively.

The Crown project will result in 1250 additional jobs after construction, increased international tourism and an increase in Gross Domestic Product of $442 million per year in 2025.

The Sydney Business Chamber said Sydney was the winner in the government's decision to give Crown the go ahead to develop its project at Barangaroo.

"The Crown proposal with its retail and commercial components and its interaction with the Harbour and surrounding open public domain will mean that Sydneysiders will get the full value of the entire precinct for generations," Executive director Patricia Forsythe said in a statement.

"The Crown focus on high quality facilities and services will ensure that Sydney is able to promote itself as a strong tourist destination particularly with the growing Asian market."

Mr O'Farrell said Mr Murray made his decision to ensure there was no monopoly in the casino sector.

"Competition being a driver to encourage people to sharpen pencils, to work harder and to attract greater business," he said.

Mr O'Farrell said the Crown proposal would cater for VIP gaming only, with no poker machines, no low bet tables and members-only requirements.

"That will be part of the legislation and that will be part of the licence," he said.

He said the proposal would have to proceed under a number of conditions, including non-rebate gaming to be taxed at 29 per cent while the licence fee and gaming tax payments over the first 15 years of full operation must exceed $1 billion.

These costs will be independently reviewed after 20 years of operation.

Mr O'Farrell said local VIP membership criteria must include a 24 hour cooling off period.

Mr O'Farrell said he had not spoken to Mr Packer to tell him the news, saying "this process is being done at arm's length".

Mr Murray said having two casinos was good for competition.

"Two sites tend to spark off one another and produce more," Mr Murray said.

Independent member for Sydney, Alex Greenwich, said the recommendation in favour of Mr Packer's bid could be seen as "proof of undue influence".

He also questioned the Murray review.

"Public submissions were not sought, there was no community debate and massive community opposition was ignored," Mr Greenwich said.

Greens NSW MP John Kaye said the decision would turn Sydney into a symbol of corruption and exploitation.

"The O'Farrell government has never strayed off James Packer's song sheet so it is hardly surprising that Crown has been given the golden gift," he said.

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