GENTING UPS ECHO STAKE

Written on the 19 June 2013

GENTING UPS ECHO STAKE

GENTING has upped its stake in rival Echo Entertainment Group (ASX: EGP).

The Hong Kong-based gaming and leisure group boosted its holding in EGP to 54.5 million shares, an increase from 5.22 per cent to 6.6 per cent of voting power in the casino operator.

Genting made the move on June 14 and EGP notified the market last night after becoming aware of the trade.

It comes after EGP rival James Packer’s company Crown (ASX: CWN) sold its 10 per cent stake in the company in May, which sent the company’s share value crashing below $3.

Echo is the sole casino license holder in New South Wales and owns The Star in Sydney. It is engaged in a fierce turf war with Crown in the NSW capital, with Packer’s company pushing to create a high-rise casino development at Barangaroo.

The EGP share price has staged a fight back this month and this morning moved up 1.97 per cent to $3.10 per unit.

Genting first took a 9.9 per cent interest in EGP in June last year, but sold most of its holding about three months later.

Echo also owns the Treasury casino in Brisbane, Jupiters Townsville and Jupiters Gold Coast.


Latest News

ASF UNVEILS TRAFFIC PLANS FOR THE SPIT

A SECOND bridge over the Nerang River is the centrepiece of the ASF Consortium's plan to improve traffic flow ...

BHP AND VALE EDGE CLOSER TO $47.5 BILLION SAMARCO DAM DISASTER SETTLEMENT

BHP Billiton (ASX: BHP) and Brazilian mining company Vale have entered into a preliminary agreement with Brazilian fe...

BLK SPORT FOUNDER TYRON BRANT REMAINS CEO UNDER NEW OWNERS

BLK Sport has been purchased from receivers McGrathNicol by a private consortium composed of a TimorLeste-based oi...

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter