Australia’s Crown sells Echo stake; focus on Sydney casino plan

Australian casino company Crown sold its 10 per cent stake in rival Echo Entertainment Group, signalling billionaire owner James Packer is confident of winning approval for a high-roller casino in Sydney.

Echo has exclusive rights until 2019 to the city’s single casino licence and Crown’s stake was widely viewed as an insurance policy to grab a slice of the lucrative Asian gambling market in case its own plan to build a A$1 billion (HK$7.52 billion) hotel and VIP gaming suite was rejected.

via Business feed http://www.scmp.com/business/companies/article/1244959/australias-crown-sells-echo-stake-focus-sydney-casino-plan