ToCasino.net Online Casino

AAP

Crown chairman James Packer says his proposed casino for Sydney is "his chance to do something special" on the scale of the accomplishments of his late father.

"This is more than just about money for me," Mr Packer said at a function in Sydney on Thursday.

"My dad was a larger than life figure. I think this is my chance to do something special."

Speaking on the same day the NSW government gave a first-stage green light to proposals for a $1 billion high-roller casino at the Barangaroo development site, Mr Packer also said rival casino operator Echo Entertainment had as good as admitted its Star casino in Sydney was not good enough.

Advertisement

Echo chairman John O'Neill said on Thursday that the company was looking for possible sites around Sydney for a high-roller casino that it would develop without Crown.

"That's an admission that their product is not good enough because we're certainly not looking for other places in Melbourne or Perth (where Crown operates casinos)," Mr Packer said of Mr O'Neill's comments.

Mr Packer was speaking at an event organised by the Australian Financial Review newspaper and Deutsche Bank.

The dinner, at Sydney's Museum of Contemporary Art, was attended by his wife Erica, mother Ros and sister Gretel.

Also in attendance at the sold-out event were Fairfax Media chairman Roger Corbett and Westpac chief executive Gail Kelly.

Mr Packer also said his planned casino was "entering virgin territory".

"There has never been a billion dollar casino in the world without slot machines ... so we're entering virgin territory," he said.

The gaming magnate said the plan "was not an economic no-brainer" but "this is where it helps to have close to a 51 per cent shareholding in the company".

Mr Packer also said that he believed his bid would have won in a competitive tender for a second casino licence for Sydney because of the proposal and its location.

He said he was "incredibly grateful" to the NSW Labor Party, which has supported his proposal, for "not playing politics" and was also grateful to Premier Barry O'Farrell.

Mr Packer said Mr O'Farrell had made it clear that the three-stage process was not finished but said "I think we have had a very good day".