ECHO SELLS TOWNSVILLE CASINO

ECHO SELLS TOWNSVILLE CASINO

ECHO Entertainment Group (ASX:EGP) has entered an agreement to sell Jupiters Townsville casino to Colonial Leisure Group for $70 million.

Echo managing director and CEO John Redmond (pictured) says the company saw limited expansion opportunities for the Townsville property.

“We remain committed to and excited about investment in South East Queensland and believe the company’s capital will be better deployed as we advance our plans for development of both Jupiters Gold Coast and Treasury Brisbane into large-scale integrated resorts,” he says.

CLG is a wholly owned private Australian company, it operates 15 hotels in Victoria and WA, plus a brewery in Margaret River.

In North Queensland it owns Orpheus Island and the Daintree Eco Lodge, the Daintree General Store and Hotel and Nautilus Aviation.

CLG says it aims to develop Jupiters Townsville Hotel and Casino “improving the operational and financial performance of the property”.

The transaction is subject to the required regulatory approvals, but is not subject to finance or shareholder approval.

EGP is trading up .42 per cent at $2.420 this afternoon.

Get our daily business news

Sign up to our free email news updates.

 
Unpacking equity: Finding your funding fit
Partner Content
Armed with a growing business and a great opportunity, a business owner’s next challe...
Australian Business Growth Fund
Advertisement

Related Stories

Marmalade raises $16m as invoice payment startup aims to process $1b in 2024

Marmalade raises $16m as invoice payment startup aims to process $1b in 2024

Melbourne-based invoice payment platform Marmalade has raised $16 m...

Boral rejects Seven Group bid after independent expert says it falls $1 billion short

Boral rejects Seven Group bid after independent expert says it falls $1 billion short

Buildings materials giant Boral (ASX: BLD) has formally rejected a ...

Study links microplastics with human health problems – but there’s still a lot we don’t know

Study links microplastics with human health problems – but there’s still a lot we don’t know

A recent study published in the prestigious New England Journal of ...

Record year for EnergyLab alumni as climate tech startups raise $289m

Record year for EnergyLab alumni as climate tech startups raise $289m

Alumni of climate tech startup accelerator EnergyLab raised a recor...