Inside Asian Gaming

INSIDE ASIAN GAMING | July 2013 8 COVER STORY “Most Asian cities have the added advantage of being lower cost economies where international tourist dollars stretch further. As it is very difficult for Sydney to compete in terms of price, it is essential for Sydney to differentiate itself by offering quality tourist attractions and tourism products.” “Most Asian cities have the added advantage of being lower cost economies where international tourist dollars stretch further. As it is very difficult for Sydney to compete in terms of price, it is essential for Sydney to differentiate itself by offering quality tourist attractions and tourism products.” It is an easy sell, all things considered, the idea that the city needs a better and more ably managed mousetrap than The Star, and it’s ultimately what won the day for Crown. As Mr Packer wrote to the NSW Cabinet in June, “The Star has failed to capitalize on the opportunities provided by the growth in Chinese tourism, the massive Asian high-roller market and Sydney’s natural attraction as a superior destination for high-end tourists and VIP players.” The case for Mr Packer as the man to turn the situation around was supplied by a blue-ribbon committee appointed last year by Premier Barry O’Farrell, who has made no secret of his belief that the casino tycoon would be good for Sydney and for New South Wales. Heading this committee was well-known banker David Murray, who used to manage the Australian government’s pension funds. Its advisors included a retired judge of New South Wales’ Court of Appeals. Meeting behind closed doors they weighed Crown Sydney’s merits against the monopoly status quo. Echo, which holds license exclusivity in the state through November 2019, didn’t go quietly but shook things up with a $1.1 billion counter-proposal, which it amended at the 11th hour with an interesting but unwelcome offer not only to share the market but to throw a pedestrian bridge across the harbor to link the rival resorts. The panel took all of eight working days from formal submissions to get its ducks in a row. The Cabinet took even less time to accept its recommendation and on 4th July approved Crown Sydney to move to the final stage of the process In a June letter to the government Mr Packer said, “The Star has failed to capitalize on the opportunities provided by the growth in Chinese tourism, the massive Asian high-roller market and Sydney’s natural attraction as a superior destination for high-end tourists and VIP players.”