Casinos operator Crown has entered into a $1 billion agreement with developer Lend Lease to build its casino and resort at Sydney’s Barangaroo South.
Lend Lease said late Wednesday it had finalised commercial documentation with Crown Resorts Limited for the proposed development of a world-class integrated resort at the site.
“Lend Lease has also entered into an estimated $1 billion construction management contract with Crown Resorts Limited to deliver the integrated resort,” the company said in a statement.
“However, the final contract sum will be subject to finalisation of the scope.”
Crown said the development was still subject to approval by the NSW government.
Chief executive Rohan Craigie said the agreement was “a significant milestone in the development of the Crown Sydney Hotel Resort”.
“The Crown Sydney Hotel Resort at Barangaroo will be Sydney’s first luxury six-star hotel,” Mr Craigie said.
“It will be a globally recognisable landmark that will attract thousands of international tourists and help Sydney compete with other global tourism destinations.”
The Barangaroo South first tower and hotel is expected to be completed in 2019.