Crown Resorts’ new Sydney casino will initially open with about 160 tables, according to JP Morgan Australia analyst Don Carducci.
Asia Gaming Brief reports that the thoughts are in line with commentary from Crown Resorts executives during an investor call, stating that Crown Sydney’s gaming space is allowed to expand up to 20,000 square metres, though current floor space utilisation is “materially less than 50 per cent of what we’re capable of,” noting that there’s an empty floor that is set up for gaming.
Carducci said based on its estimate of current table per square metres, using up the rest of the available space will add around A$100 million in additional annual table revenue, if demand remains consistent.
Crown Resorts said it is hoping to launch gaming operations at its Sydney casino in early 2022.
High rollers banned after due diligence tests
The casino operator has banned one out of every 10 of its Australian-based high rollers subjected to due diligence reviews because they could not explain where their money came from or raised other probity concerns.
The purge of big spending gamblers comes as the $6 billion group tries to clean up its operations and save its casino licences in Melbourne, Sydney and Perth following revelations of criminal infiltration, money laundering and irresponsible gambling policies.
Crown’s incoming chief executive Steve McCann said the company was “preparing for a range of possible outcomes” from royal commissions examining its licences in Victoria and Western Australia, including suspension or cancellation.
“We will consider all options to maximise shareholder value in the context of however the regulatory environment plays out,” Mr McCann said, including looking at any future takeover offers.
“Crown has three of the best integrated resorts in the world. I’m sure there will be people looking with interest at how things play out.”