James Packer’s Crown group is reportedly seeking to build a second casino in Sydney, Australia.
Crown is understood to have put forward plans to develop land in Barangaroo into a 350-room hotel, spa, casino and entertainment centre.
New South Wales Premier Barry O’Farrell has already given his support to the project.
“I think it’s an exciting proposal which could add extra life to Barangaroo, give Sydney another world-class hotel, generate jobs and boost tourism,” he said.
Crown announced on Friday that it had doubled its stake in Echo Entertainment, the owner of the Star casino in Sydney, to 10 per cent. It also requested clearance from state authorities to increase its voting power beyond 10 per cent.
The move sparked speculation that Packer’s company is to launch a takeover bid.
