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
No comments:
Post a Comment