"... A report prepared by the independent contractor, the Canadian Imperial Bank of Commerce, found the Kern/Trump bid was one of two that were 'not financially viable'.
"The report found that revenues for the casino were overstated. 'The proposal is financially viable on the basis that the projected financial structure is reasonably based,' a summary said."
Trump's bid for Sydney casino 30 years ago rejected due to 'mafia connections’
Cabinet documents reveal police warned NSW government about approving a 1986-87 plan to build city’s first casino in Darling Harbour
A bid by Donald Trump to build Sydney’s first casino was rejected 30 years ago after police expressed concerns about his links to the mafia.
News Corp revealed on Wednesday morning minutes of the New South Wales cabinet that show police had warned the state government against approving a 1986-87 bid by a Trump consortium to build and operate a casino in Darling Harbour.
Trump, in partnership with the Queensland construction company Kern, was one of four groups vying for the lucrative project. The NSW government dumped it from the process on 5 May 1987, along with two other bidders.
At the time, the state treasurer, Ken Booth, said he had received reports on the bids from the police board, the state’s Treasury, the Darling Harbour Authority, and an independent financial consultant.
“I wish to inform honourable members that in light of these reports the government has decided to eliminate three tenderers from further consideration,” Booth told the state parliament. “These are the HKMS consortium, the Federal-Sabemo consortium and the Kern-Trump consortium.”
The public was not told the substance of the NSW government’s concerns. Booth said the reports “contain confidential and commercially sensitive material” and refused to make them public.
Now, under rules that declassify NSW cabinet papers after 30 years, summaries of the various reports on the Kern/Trump bid have come to light.
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