ECHO SELLS TOWNSVILLE CASINO

Written on the 24 January 2014

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.


Latest News

FORMER PR FINANCE BOSS BANNED FOR 10 YEARS

THE corporate watchdog has banned a former director of defunct consumer lending companies PR Finance Group and Aus...

SURFSTITCH SHARES HALVED AS LOSS HITS $155M

ONLINE actions sports retailer SurfStitch (ASX:SRF) endured another day of pain on the stock market as its shares ...

RAMSAY SHARES PEAK ON HEALTHY PROFIT

RAMSAY Health Care (ASX: RHC) shares were given a tonic today as the company reported a 16.8 per cent surge in net...

BRISBANE BRIDGES ASIA WITH SRI LANKA

THREE Brisbane companies just invested more than $150,000 dollars in Sri Lanka. In a business 'matchmaking...

Related News

HOTCOPPER FLOAT SLAMMED AS 'CRAZY'

CUDECO founder Wayne McCrae (pictured) has ripped into share market discussion board HotCopper ahead of its IPO, s...

FROM THE TANK: GOOD OLD-FASHIONED BUSINESS STILL RELEVANT

BEING involved with Shark Tank and my friendship with startup guru Steve Baxter has inspired me to seriously engage w...

TOURISM GETS A SHARE OF QANTAS BILLION

QANTAS Airways (ASX:QAN) is ploughing back some of the mega-profits it has earned this past year into promoting its h...

INTEREST RATE HITS RECORD LOW OF 1.50 PER CENT

THE Reserve Bank of Australia has taken the cash rate down 25 basis points to a record low of 1.50 per cent at its...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter