The agreement effectively extends the previous 12-year exclusivity agreement with Tabcorp that expired this year. "The new agreement with the operators of Star City is a win for NSW taxpayers, a win for the local tourism industry, and a win for punters,’’ Costa said.
He said the agreement also includes changes to the tax structures that will provide an estimated 32 per cent increase in casino tax revenue by 2012/13. The new 12-year deal is effective from November 14.
"It provides an estimated 32 per cent of additional revenue by 2012/13 on current projection,’’ Costa said. "It gives Tabcorp the certainty it requires for its expansion and refurbishment plans. And, it maintains the government’s substantial commitment to measures that encourage responsible gambling.’’
The us$ 100 million upfront fee to keep Star City’s exclusivity in NSW and all additional revenue would go towards funding essential services and infrastructure, Costa said.