White elephant fears for Crown Sydney casino as China warns citizens not to travel to Australia

Original article by Elias Visontay
The Guardian – Page: Online : 12-Jun-20

Crown Resorts is spending $2.2 billion on the construction of a casino complex at Barangaroo in Sydney. High-roller gamblers from China are seen as central to the casino’s business model, but the Chinese government’s recent warning that its citizens should not travel to Australia has seen industry experts claim that the business model is no longer viable. Academic Mike Harris says Crown may seek to secure a poker machine licence for the casino, although Star City recently signed a 21-year exclusivity deal with the New South Wales government for it to operate the only casino in Sydney with poker machines.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, THE STAR ENTERTAINMENT GROUP LIMITED – ASX SGR

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