Plans for a new casino in Sydney have been given a boost after it was revealed the development will not need to gain a new licence.
Crown Limited, which is owned by James Packer, is looking to build a new gambling facility at Barangaroo on Sydney's iconic waterfront.
The Motley Fool has told how New South Wales premier Barry O'Farrell has confirmed the company will not be required to apply for and gain a licence for the casino, which is part of a complex that also includes a six-star hotel.
Once the casino is up and running, it will be targeted at high-flying players and VIPs, meaning the potential for a large revenue is in place.
Crown has even signed a deal with Lend Lease to carry out the construction work, indicating its commitment to the development.
At the moment, Echo Entertainment Group holds Sydney's exclusive casino licence, but this should not prove to be an obstacle in the realisation of the Barangaroo site.