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A$11.9 0.1  1.2%

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Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £4.10bn
Enterprise Value £4.07bn
Revenue £1.51bn
Position in Universe 78th / 1836

State regulator stubs Star Entertainment's plans for Sydney tower

Wed 20th November, 2019 9:25am
Nov 20 (Reuters) - A state development commission on
Wednesday rejected Australian casino operator Star Entertainment
Group's  SGR.AX  A$529-million  ($360 million) plan to add a new
luxury hotel and apartment tower to its casino complex in
Sydney.
    The commission supported
ipcn.nsw.gov.au/resources/pac/media/files/pac/general/whats-new/
191120star-casino-redevelopment.pdf?la=en&hash=27C0D4140D1F844B7
A4CD6B3C8FABB28 the planning department's recommendation to
refuse the casino redevelopment on grounds the new tower would
cause "unacceptable visual impacts due to its scale, isolation
and visual dominance of the existing Pyrmont character."
    The Star Sydney casino in Pyrmont is the second largest
casino in Australia after bigger rival Crown Resorts'  CWN.AX  
Crown Casino in Melbourne, according to World Casino Directory https://www.worldcasinodirectory.com/casino/star-city-100.
 
    Crown is in the development phase of a luxury hotel at
Barangaroo, less than 2 miles from Star's complex.
    "Given we had no prior notification of the decision, we are
still digesting the full findings before we announce next
steps," a Star spokesperson said, adding that the development
would create around 1000 jobs, among other economic benefits.
     "On balance the public benefits do not outweigh the impacts
associated with the application," the New South Wales
Independent Planning Commission said in a statement.
     The recommendation to reject Star's proposal followed
objections from the City of Sydney Council and the public,
citing concerns including "increased traffic and anti-social
behaviour." 
     ($1 = 1.4680 Australian dollars)

 (Reporting by Devika Syamnath in Bengaluru, additional
reporting by Niyati Shetty)
 ((Devika.Syamnath@thomsonreuters.com; +91 80 6749 1130;))
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