The NSW government has granted James Packer's Crown Resorts a 99-year licence to operate a casino within its planned hotel development at Sydney's prime Barangaroo South site.
In return, Crown will pay the government $100 million within five business days, not including a $5 million deposit paid last year.
Under the restricted licence, no poker machines will be permitted at the Crown Sydney Hotel Resort complex, on the southern end of Sydney's Harbour Bridge, once it begins operations after November 15, 2019.
There'll also be minimum bet limits and only members and guests will be able to play, with no access to the general public.
But smoking within the restricted gaming area will be allowed, pending the installation of international standard air quality equipment.
In a statement after the stock market closed on Tuesday, Crown said that during the first 15 years of what will be Sydney's second casino, the state government will receive at least $1 billion in taxes.
Crown Resorts chief executive Rowen Craigie described the approval as an important milestone for the planned complex.
"Crown and its chairman, James Packer, are committed to building a truly iconic six-star hotel for Sydney that will be recognised globally," Mr Craigie said.
"Crown Sydney will help bring additional international and domestic tourists to Sydney, create over 1,200 jobs and generate significant economic growth for New South Wales."
Crown won the rights to build and operate the Barangaroo Point complex after a bidding war with the owners of Sydney's existing The Star casino.
At the close on Tuesday, before the announcement Crown's shares were 10 cents lower at $15.79
