A PwC Report Said James Packer's Sydney Hotel And Casino Would Cost The State Government Millions In Taxes

A fireworks and light display is seen at the opening of ‘The Star’, formerly Star City in Pyrmont on September 15, 2011 in Sydney, Australia.

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A PricewaterhouseCoopers report has found James Packer’s proposed Sydney hotel and casino at Darling Harbour would cost the New South Wales government $14 million in gaming taxes each year.

Reported today by Fairfax Media, the report’s findings were quoted to the NSW Government in a letter from Echo Entertainment chairman John O’Neil.

Packer’s Crown in competing against Echo for Sydney’s casino license.

According to Fairfax the December 19 letter in which the report is discussed was released under freedom of information laws.

The PwC report, according to the article in the Australian Financial Review, found that instead of generating an extra $114 million in gambling taxes, the Crown development would instead “lead to a net reduction in casino gambling revenue of $14 million in 2025”.

Read more here.

Now read: ECHO BOSS: We Don’t Need James Packer’s Money To Fund Our Expansion

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