Australia's Crown Resorts Inc, a joint venture in the Macau casino market, has committed to providing at least "A$1 billion (roughly A$941 million) in taxes to the NSW state government for the first 15 years of planned operations at the new resort, Crown Sydney (pictured in a rendering).
It was one of the conditions attached on Tuesday when Crown crossed a second hurdle with ambitions for the Sydney gaming facility.
Crown has been granted a so-called "limited gaming licence" by the independent liquor and gaming authorities of New South Wales. It will allow the company to operate VIP casinos in a planned six-star hotel within an A$1.5 billion (AUD 1.5 billion) property development in the city's Barangaroo region. It will be allowed to start operating from November 15, 2019.
The only other government administrative hurdle that Mr. Crown will now have to overcome is for the project to get planning approval.
Under the terms of the licence, the gaming licence will last for 99 years. The balance of the licence fee of A$100 million must be paid to the NSW State Government within five business days.
The license has several other conditions attached to it. Unlike The Star Casino, which is currently operated by Eco Entertainment Group, which is the only legal casino in the state, no electronic poker machine can operate in Crown Sydney. Unlike The Star, Crown Sydney will also be reserved only for members who are not accessible to the general public.
The regulator said smoking would be allowed at the new gaming facility, "so long as the best standard-practice air quality equipment in the world is installed, properly maintained and regularly tested."
Crown Resorts also told the state that "in the first 15 years of operation... The state has promised that it will receive at least $1 billion in game taxes [AUD] (including licensing fees)."
The casino operator said, "…The sum of the taxes the state received (on a normalized basis) from Crown Sydney and The Star in the first three years of gaming in Crown Sydney would be at least three times the game taxes it received from The Star in the year before it started playing in Crown Sydney...I made an additional promise
Crown Sydney's game tax is subject to a non-reimbate tariff (including a responsible gambling levy of 2 percent and a state goods and services tax of 10 percent) on 29 percent non-reimbate game revenue. Or a 10 percent rebate player tariff (including GST) on rebate game revenue.
Operators will be eligible for compensation if the state revises or revokes their licenses for reasons other than "disciplinary action for licence violations," or if the state raises game taxes "for the first 20 years of Crown Sydney operations." The nature of the compensation is not detailed in Crown's filings with the Australian Stock Exchange.
BY: 파워볼사이트