The Star Entertainment Group chief executive Matt Bekier said growth in tourism, especially from Asia, influenced the decision to advance the development's plans.
"Sydney needs more quality hotels, and exciting entertainment and hospitality infrastructure to win its share of that [tourism] growth," Mr Bekier said.
The development, first revealed in January, will include more than 220 premium hotel rooms and around 150 residences, bringing The Star's room inventory to more than 1000. Another 20 food and beverage venues will also be added.
"It will allow us to really enhance and increase our contribution to Sydney's tourism offering," Mr Bekier said.
The Star has already committed to $500 million of upgrades and improvements at The Star Sydney.
The tower project, pending approval, would be contained within the existing property holdings of the Sydney casino and include a six-star hotel component to be operated by The Ritz-Carlton.
The hotel and residence development is expected to be completed within three years once approvals have been given.
Rival casino operator, James Packer's Crown Resorts, expects to begin operating across the waterfront from The Star at the Barangaroo precinct in 2020.
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