The Crown Resorts Limited (ASX: CWN) share price traded flat today after the casino and hotel operator admitted it had been unable to arrange the financing required in time to start its One Queensbridge project adjacent to its flagship Crown Melbourne hotel and casino complex.
The ‘One Queensbridge’ project is supposed to be a 50:50 joint venture with construction group Schiavello and the permit to develop the site was issued by the Victorian government in 2017 on the condition that the project started by March 2019.
However, without the funding arranged it seems Crown and Schiavello aren’t ready to start with the Victorian Government not taking kindly to the news.
Given the development is supposed to be a flagship project for Crown that involved the construction of a 388 room luxury hotel and 700 apartments the news that the potential plans could be left on the drawing board is another potential blow to the future of the group.
Crown is also constructing a luxury casino and hotel complex in Sydney to rival The Star Casino operated by leisure group Star Entertainment Group Ltd (ASX: SGR).
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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Crown Resorts Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.