MELBOURNE: Crown Limited (ASX: CWN) today announced that it has been invited by the New South Wales Government to move to Stage Three of the Unsolicited Proposal process for a six-star hotel resort including VIP gaming facilities at Barangaroo South.
Crown Chairman, Mr James Packer today said: “We are delighted that our Crown Sydney hotel resort has been selected by the New South Wales Government on the recommendation of the Independent Steering Committee chaired by Mr David Murray AO to progress to the next stage of the Unsolicited Proposal process.”
“This decision follows months of hard work by Crown to develop its proposal for an iconic six-star hotel resort on Sydney Harbour at Barangaroo South.”
“The Crown proposal will give Sydney a landmark hotel it can be proud of. Barangaroo South represents a spectacular opportunity to showcase an iconic six-star hotel resort which will be located on the harbour’s best
available site.”
“Sydney is one of the world’s great cities; it deserves one of the world’s great hotels. I want this building to be instantly recognisable around the world and feature on postcards and memorabilia promoting Sydney. That’s
how you attract international tourists, create jobs and put Sydney on the map.”
“Crown has the track record and experience to deliver something very special for Sydneysiders and visitors from interstate and overseas. No other organisation can deliver this unique project.”
“We acknowledge the professionalism, diligence and expertise of Mr David Murray AO, The Hon Ken Handley QC, the Independent Steering Committee and the Assessment Panel and look forward to participating in
Stage Three of the Unsolicited Proposal process.”
A copy of the Media Release which has been issued by the New South Wales Government in relation to its decision is attached.
Also attached is the Stage Two proposal letter from Mr James Packer, Chairman of Crown, together with a summary of Crown’s proposal.
Crown intends to make a further ASX Announcement this afternoon. The trading halt, which was requested earlier today by Crown, remains in place.
