Crown confirmed Friday morning that it would receivea 17-year extension on its Melbourne casino licence to 2050,from its current 2033 expiry.
Under the deal,Crown will be able to increase the maximum number of pokies by 128 machines to 2628,when the licences becoming available. There is currently a state limit of 30,000 pokies in Victoria,that number will not increase,because Crown will buy entitlements from pub and club operators many of whom have complained that the cost of servicing debt to buy the machines is oppressive.
Crown will also be able to increase its maximum number of gaming tables by 40 to 440 and increase the number of fully automated tables from 200 to 250.
The'super tax'placed on international and interstate VIP players,which Crown has been pushing to cut,will be removed after the current financial year.
Crown chairman James Packer said that the group will have invested $1.7 billion to upgrade Crown Melbourne in the 10 years to 2016,but has always been held back by Victoria government's tax regime.
"Despite this investment,Crown has for a long time been at a major competitive disadvantage on the issue of taxation. Now,with the support of the Victorian Government,we will have a licence that enables us to compete on a level playing field to help drive tourism,jobs and economic benefit for the State,"Mr Packer said.