A trendy Italian restaurant just a stone’s throw from ‘s newly opened Crown Casino has gone out of business after eight years in the area.
The Mark Richardson owned Bel & Brio, along with its fine dining venue Corso Brio, was one of the first restaurants to anchor the city’s flashy Barangaroo precinct in 2016 hoping to cash in on the predicted increase in foot traffic.
But its doors were closed and locked by landlord Lendlease this month after Mr Richardson was unable to pay up to $1.8million in owed rent.
It’s understood Covid lockdowns and the failure of the CBD to return to its bustling pre-2020 landscape are behind the venue’s struggles.
Bel & Brio at Baranagroo has closed over a rent dispute with landlords LendLease
Owner Mark Richardson (pictured) said he would not try the restaurant business again but could focus on his construction companies
But Crown’s staggered opening over the same period could have been the final straw with its 14 high class bars and restaurants now fully operational and drawing in what few patrons there are left the area who might have otherwise splurged at the ritzy eatery just a block away.
‘We’ve been in negotiations and mediations … to get the (rent) fee to something reasonable however Lendlease had enough and pulled the plug and so they should have,’ Mr Richardson told .
He said he was ‘blindsided’ by Lendlease locking them out of the venue but they had been considering closing already.
He added he would work hard to ensure the 140 staff get everything they are owed after some complained of not having been paid for weeks.
‘My hope is that someone will take over the venue and rehire the staff but if that doesn’t happen, we find another business for them to work with… It’s a shame for them but I’ve lost the most, eight years and $11 million.’
The restaurant served gourmet Italian fare similar to the upmarket food halls in Europe
Corso Brio, the venue’s fine dining section, is also to close (pictured)
The $2billion Crown development, just up the road, is fighting its own battles.
While some bars and restaurants in the building were opened in 2020, the scathing Bergin Inquiry, sparked over allegations of money laundering and Chinese organised crime links, found it was unsuitable to hold a gaming licence.
The NSW Independent Liquor & Gaming Authority only gave conditional approval to open its gambling operations in June this year.
This was after the company was forced to overhaul its board, management and procedures resulting in a takeover by US private equity frim Blackstone and James Packer exiting the business.
The acquisition netted Packer a cool $3.36billion payday.
The massive Crown Sydney building is just a block away from Bel & Brio and has 14 restaurants
James Packer has exited the embattled Crown Resorts with US private equity firm Blackstone taking ownership (Mr Packer is pictured with Kylie Lim in 2018)
On Monday, Melbourne’s Crown Casino was slapped with a record $120 million in fines for breaching gambling laws spanning more than a decade, including consistently failing to stop people gaming for long periods.
The Victorian Gambling and Casino Control Commission (VGCCC) took disciplinary action against Crown for ongoing misconduct.
The breaches include allowing patrons to gamble for 벳이스트축구 upwards of 24 hours without a break and failing to stop patrons from using plastic picks to hold down pokie buttons.
Crown Perth is also feeling the heat after a WA royal commission this year found it was unsuitable to run the casino but gave the operator two years to clean up its act.