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PLANS for a luxury hotel as part of The 02 development will be scuppered if the Government fails to award the scheme with a regional casino, says its owner.
Anschutz Entertainment Group (AEG) UK CEO and president David Campbell has admitted the 300-room hotel could be in doubt as part of a £500million plan to turn the former Millennium Dome into an entertainment hub.
He said: ``The two are completely connected; economically we need the two to work together. It is quite a risky venture to put a five-plus star hotel in this area if we don't have a casino.
The Mayor of London has publicly said there should be two casinos in London and if there is only one, this should be the site. I think missing out on a hotel will be a big loss.''
South African company Kerzner International would operate the O2's casino and resort-style hotel, designed by the Richard Rogers Partnership.
The Government is expected to announce the site of the country's super-casino at the end of 2006 as part of reforms to the Gambling Act, with Blackpool touted as a front-runnerThe O2 is part of a £2bn renegeration of the Greenwich Peninsula, from which the Government predicts it will recoup £550m for the public purse over the next 25 years.
Mr Campbell would not comment on how much the venue would generate in its first year of operation but said if the casino plans fell through it would not affect the viability of the scheme.
He added: ``The development will make a much better return overall with the casino but it can still stand on its own feet.''
In May, AEG announced a £6m a year deal with mobile phone company O2 to rebrand the Millennium Dome into an entertainment venue with a 23,000-seater indoor arena at its heart.
Greenwich Council gave outline planning permission for the project last Thursday, September 29, with the concrete core of the music arena near completion.
The first phase, to open in April 2007, will include the arena, cinemas, restaurants, an ice-rink, music club and 1,800-seat Las Vegas-style theatre.