Crown to spend $212m on VIP upgrade
Crown Limited (CWN) said it would be spending $212 million to upgrade the premium player facilities at the Crown Entertainment Complex. The company said the decision to make the investment was underpinned by strong growth in recent years of international premium player turnover.
Executive chairman, James Packer, said upon completion the facilities would rival the best in the world, allowing Crown Melbourne to compete in the competitive sector of the global tourism market.
He added that the major capital expenditure would be a significant benefit to Australian tourism, capturing a greater share of emerging markets, such as China.
Crown Melbourne’s CEO, David Courtney, said the new development would result in a number of new private gaming salons, an upgrade and expansion of a VIP room, improvements to spa facilities, a refurbishment of villas and new non-gaming facilities for members.
Crown said the project would be completed in the first half of 2012.
“The expansion has been facilitated by the amendments to Crown Melbourne’s licence which were part of an agreement which was ratified by the Victorian parliament late in 2009,” the company said.
“That agreement saw an increase in the number of tables permitted under Crown Melbourne’s licence and an increase on tax in gaming machines.”
As at 1036 AEDt, Crown shares were down 15c to $8.24.
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