The NSW government has finally granted James Packer a 99 year lease to operate a casino at Barangaroo. In return, he must hand over $100 million within five working days.
No poker machines are allowed, and minimum bet limits will apply. The general public are not welcome unless they are a member or the guest of a member. Smoking will be allowed where the high rollers gather only after air quality equipment is installed.
We remember well how the late Kerry Packer made a point of smoking wherever and whenever he wanted, and nobody was game enough to stop him.
The owners of Sydney's existing Casino The Star fought hard to win the right to build the city's second casino, but James Packer won.
At the close of business yesterday, before the announcement was made, Crown Resorts shares were $15.79.