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Sydney Casino To Be Topped By Most Expensive Property?

The proposed Barangaroo Casino development by Crown Resorts has had its fair share of controversy – in the process that saw the license awarded, and over the height of the building: from what we can tell the developer simply wants to build it about twice as tall as they’re allowed to, and that seems like it will be a possibility if the site is moved.

We’re obviously not intimately involved in the process that a huge development like a new casino tower has to go through to get it from the drawing board to the Sydney skyline, but it sounds like pretty much everything is negotiable!

That said, we’ve not against the addition of a new luxury hotel and casino resort to the Sydney skyline – we’re all for the best new casinos in the world appearing in Australia’s cities, and there are real benefits to these sorts of developments coming to any city if they’re handled in the right way. There are incredible benefits to the developer as well, mind you.

Crown Resorts will recently have got a receipt for the $100million they’ve paid to the State Government, but they will have the chance to recoup that in one sale if they make the top three stories of the building into a penthouse apartment, according to Sydney real estate agents.

Obviously things are very much still at the planning stages, but there exists a market for the sort of epic international-playboy penthouse apartment that could crown the new Crown Casino (see what we did there?). That market is a truly international market, and it would put Sydney into an elite stratum of global cities with properties bought and sold for more than a million dollars.

Of course, Crown Resorts haven’t settled on what they want to do with what will most likely be an incredible bit of living accommodation. They could sell it privately for more than a million dollars and recover the entirety of their 99-year casino license in Sydney, or they could keep it for the exclusive use of the high-rollers that they will be hoping to lure to Australia’s first city to enjoy the sights and sounds of its newest casino resort.

It’s another world, isn’t it? It boggles our minds to think they can even consider leaving a 100-million-dollar apartment empty just in case they need it for one of their mega-rich guests to enjoy!


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