NSW Government and Crown Secretly Renegotiating Sydney Casino's Tax Guarantee

Crown entered an agreement in 2013 stipulating it would pay the government at least $1 billion in licence fees and gaming taxes over the first 15 years of full operations at its Barangaroo casino.

Crown is seeking to rewrite the NSW tax guarantee, arguing the economic and regulatory environments have changed, its business has suffered significant negative impacts and the 10-year-old agreement is no longer fit for purpose. The start-up guarantee says that over the first three years of operation, the aggregate of gaming taxes paid by Crown and The Star will be at least three times the gaming taxes paid by The Star in the year before Crown opened.The baseline guarantee says that over the first 15 years of Crown’s full operations – “after a ramp-up period of approximately two years” – NSW will receive at least $1 billion in gaming taxes, including the $100 million licence fee paid upfront.

Crown Resorts did not answer questions directly, but a spokesperson said: “Crown Sydney has regular, ongoing dialogue with the NSW government about a number of topics that affect its business and industry.”which was facing higher duties on poker machine profits under changes made by the former Coalition government.

At the time, Packer said he was “humbled” by the deal, which would bring Sydney a landmark architectural icon and one of the world’s great hotels.

NSW Government Crown Sydney Casino Tax Guarantee Treasurer Daniel Mookhey The Star Poker Machines Agreement Licence Fees Gaming Taxes Revenue Financial Year Setbacks Luxury Hotel Residences COVID-19 VIP Gaming Floors Jobs International High-Rollers Crown Resorts Regulatory Environments

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