The NSW Government missed out on $500 million by approving James Packer’s Crown Barangaroo without having approached the open market for a second casino, the AFR reports.
Earlier this month, the state government gave Crown provisional approval to begin operating what will be Sydney’s second casino in November 2019, turning down an unsolicited, $1.1 billion bid from Echo Entertainment in the process.
Vegas-based casino consultant Jonathan Galaviz told the Fin’s Jessica Gardner that the government’s unsolicited proposal process for Crown Barangaroo was “very weird, bordering on unethical”.
“I would estimate that the government of NSW has left at least $500 million on the table by not running a global and transparent competition RFP [request for proposal] process for a new casino licence,” he said.
There’s more on the Fin.
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