Australian moghul promises world's best hotel

By Lachlan Colquhoun 08 August 2012

Australian casino billionaire James Packer has promised to build the "world's best" hotel on a development site in Sydney if he is given permission to include a room for gambling high rollers.

Packer, whose Crown Casino brand is active in Macau as well as in Australia, wants to build the new hotel on a development site called Barangaroo South on Sydney Harbour, currently used as a terminal for cruise ships.

Packer says the facility for high rollers is "necessary to provide the commercial underpinning for any development and for the operation of a world-class six-star hotel."

Crown can only proceed if the NSW Government issues a new casino license, or if the company can take over rival Echo Entertainment, in which is currently has a 10 percent stake. Malaysian group Genting is also building a stake in Echo to rival Crown, and has around 5 percent of the company.

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