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Crown Limited (ASX:CWN) shares have spiked at the open following a decision by the New South Wales government to advance the group's proposal for a VIP Sydney Casino.
Crown shares have jumped over 5 per cent, against a benchmark index rise of 1.18 per cent.
It comes as Crown moves a step closer to shaking up the Sydney gaming market with a second casino, while also dashing rival Echo Entertainment Group’s Limited (ASX:EGP) attempt to maintain its casino monopoly in the city.
Mr Packer is proposing a $1.5 billion luxury hotel and VIP-only facility at Barangaroo, to rival Echo's The Star.
Crown generated a net profit of $180.8 million in the first half of fiscal 2013.
