Australian casino giant Crown Resorts Ltd (ASX: CWN) filed a lawsuit to stop Government of New South Wales from giving consent to the developments that obstruct views of Sydney Opera House and Harbour Bridge from its new Sydney resort. The group’s move is against Barangaroo Delivery Authority as it is looking to have an order basis the contract that indicates that CWN will be consulted on any development that has the potential of impacting the sight from Central Barangaroo development.
The Crown’s sightlines obstruction occurred ahead of the six-hectare site development next door which is assumed to be backed by two of the country’s richest families and Chinese billionaire as per the reliable sources.
Thus, this whole move resorts to the contract obligation and is indicative of some kind of negotiation needed in terms of adherence to the contract basis that the sightlines from the Harbour Bridge to the Sydney Opera House are with Crown Sydney Hotel Resort.
In reply to contractual obligations questioned by casino giant, a spokesperson from Barangaroo Development Authority stated that it has been negotiating with Crown and Lendlease about their sightlines for 28 months. He also added authority has always acted in accordance with the contract.
As investors remain unaffected to the above update, CWN shares price rocketed by 6.682% to $14.210, building to the annual results announcement for FY18. On August 10, 2018, the stock inched up to $14.26 by 1:00 PM AEST.
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