Crown plans to open its new casino at Barangaroo in December.Credit:Dominic Lorrimer
ButThe Sydney Morning Herald can reveal that under the terms of the deal Crown signed with Mike Baird's government in 2014 to open Sydney's second casino,the gambling giant is entitled to claim compensation worth 10 and a half times the estimated negative financial impact from"any action"the NSW government takes which changes,or has the effect of changing,its licence.
Crown can claim the same tenfold compensation for any government action which has a material negative impact on its"assets,liabilities,properties ... operating results,operations,reputation or prospects",the deed says.
The clause opens the door for Crown to claim compensation if the inquiry's findings lead to new controls or restrictions over how it operates Barangaroo,or who it works with to fill its new casino with high-rollers.
Independent NSW MP Justin Field said the deed's implications for the inquiry were"outrageous"and could hamper the government acting on its recommendations to prevent organised crime and money laundering at Crown Sydney.
James Packer (right),pictured with Lawrence Ho,has been called to give evidence to the inquiry in the coming weeks.Credit:Bloomberg
"There are questions to be answered about the failed probity process for the Crown licence and agreement and how clauses like this,that weaken the hand of the government and parliament to regulate in the public interest,were allowed to be included,"Mr Field said.
Unless Crown made public commitment to not seek compensation for any regulatory changes stemming from the inquiry,Mr Field said the government should cancel Crown's licence and bring forward retrospective legislation to prevent compensation being payable.