"The proposal we are unveiling today is visionary, transformational and we believe would create the world's best Integrated Resort right here in downtown Sydney," Mr O'Neill said.
"This is a pivotal moment. What we are proposing is a real game-changer for the city and the State that will help deliver the Premier's ambition to make NSW number 1 again.
"If approved, our plans will complete
new feature precinct, integrating Barangaroo, Darling Harbour and Pyrmont and contribute greatly towards the ambitious goals set by the NSW Government which aim to double overnight visitor expenditure to NSW by 2020.
"Our proposal complements the NSW Government's vision for a revitalised Pyrmont and Darling Harbour precinct and will simplify transport options for millions of Sydneysider trips each year.
"Importantly, the people of
and NSW will also benefit if our proposal is approved," Mr O'Neill said.
Mr Redmond said that Echo's plans would further improve upon the benefits The Star already provides to NSW.
"Since 1995, The Star is estimated to have already contributed around
in taxes, licence fees and other charges to the NSW Government, and GST to the Commonwealth Government," Mr Redmond said.
"As part of our plans today, we are giving the NSW Government the option of exclusivity payments totalling
and a further tax contribution of
for the duration of the extended exclusivity.
"We are already one of the largest single site employers in
and once our expansion plans are completed, The Star will be providing jobs for more than 5,750 people.
"We are home to The Darling, which is the only new five star hotel built in
since the 2000 Olympics. We will further add to this by building two brand new hotels which will mean The Star will be home to a total of 1,150 hotel rooms for tourists.
"The Star is already one of the leading tourist destinations in
and NSW but our plans are expected to attract an additional 330,000 international and interstate visitors per year.
"I have been in this business all my life and there is not an Integrated Resort anywhere in the world with a better location than The Star, and the opportunity to build a complex of this scale and on such a site should be a huge magnet to overseas visitors wanting to visit Sydney.