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Crown Barangaroo Project Placed on Regulatory Fast Track

Crown Barangaroo Project Placed on Regulatory Fast Track

The New South Wales casino watchdog has put James Packer’s Crown Resorts license application on a fast track saying that its investigation will take less than three months when the process normally takes over a year.

Crown Barangaroo Project Placed on Regulatory Fast Track

The probity clearance investigation for the project is expected to take three months rather than the usual year or more.

Following parliamentary approval for the proposed $1.3 billion luxury hotel and casino in the Barangaroo precinct, the company still needs to pass probity clearance. Last week newspaper ads were placed by the Independent Liquor and Gaming Authority asking for public submissions regarding the suitability of Packer, Crown and its associates to operate a casino.

Recently a spokesman for the ILGA said that “it is expected that the investigation will be completed in March 2014” and explained that a recent investigation into Crown which approved the company to increase its stake in rival Echo Entertainment Group will help the current probe.

The spokesman went on to say that, “The authority’s investigation will involve liaison with a large number of regulatory and enforcement agencies, both nationally and internationally.”

Aside from probity clearance, the company must also pass separate planning approvals before it can begin building work. The planning process will give the public the opportunity to comment on the design and development of the resort.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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