Crown Resorts is inching closer to the AU$80 million ($52 million) sale of a penthouse in its Sydney skyscraper, at a lower valuation than initially hoped.
According to the Australian Financial Review, a local buyer has their sites on the six-bedroom apartment on the 81st floor of its One Barangaroo tower.
The 8,600-square foot duplex has been priced approximately AU$20 million ($13 million) below initial expectations, having been on the market since at least 2021 after the tower’s completion.
The Barangaroo complex was initially aimed at attracting high-scale investment and casino game play, largely focused on opulent Chinese VIP clients. However, crackdowns on Crown’s activities regarding junket activities and other AML concerns, alongside a downturn in the Chinese economy dampened sentiment, in particular for gaming.
The Crown Sydney casino is now open to members only and the company has undergone high-level management restructuring, after facing fines and increased oversight.
The sale of the penthouse, reportedly Sydney’s second-most expensive apartment, is a boon for Crown in its ongoing image change.
Crown Towers Sydney is the city’s fourth-tallest building, standing over 270 meters and encompassing 75 floors of luxury residences, apartments, infinity pools and its casino.
Crown Residences in One Barangaroo encompasses 76 private residences.
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