Written By Carla Harris
The Crown Casino and Entertainment Complex continues to receive unprecedented support from Victorian government authorities, which recognize the Melbourne resort and gaming center as an essential component of the regional economy. As part of a wide range of legislative reforms, the upper house of the Parliament of Victoria recently extended Crown Casino’s gaming license through 2050 while allowing an additional 100 poker tables on the premises. Now, the upper house has approved a deal that will help safeguard Crown’s bottom line against a wide range of future gambling restrictions.
On Tuesday, October 14, Victoria’s upper house granted the largest casino in Australia a contractual guarantee that Green Party leader Greg Barber describes as “absolutely extraordinary.” Under the terms of the agreement, Crown Melbourne can receive up to $200 million in publicly funded compensation to offset potential losses from any forthcoming gambling legislation that might prove problematic for the casino giant. Representative Barber predicts that major casinos across Australia will follow Crown’s lead and push for similar governmental deals.
The Crown agreement will insure the organization against a wide range of prospective antigambling measures, including tougher limits on maximum bets and organized public campaigns against gambling addiction. Crown may even receive concessions if government officials seek to ban smoking in certain areas on the casino grounds.
In return for this compensation and its extensive license to operate, Crown has agreed to make more than $900 million in payments to the Victorian government. This figure includes an initial contribution of $250 million, which will be delivered within seven days of the bill’s implementation. Despite these substantial payments, Representative Barber claims that Crown should have no problem recouping its investment and generating a considerable profit over the course of its 50-year license period.Categories: News , Viral Video