NAB cuts stake in Echo Entertainment

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In a filing on Thursday, National Australia Bank Ltd said it had cut its stake in Australian casino operator Echo Entertainment Group Ltd.

A filing with the Australian Stock Exchange said the change was made on June 30. NAB reduced its stake from 67,949,430 fully paid common shares to 57,550,144 fully paid common shares, down 15.3% from its previous holdings. NAB now holds voting rights for 6.97% of Echo's shares.

Echo currently holds the exclusive rights to casinos in NSW and operates The Star Casino in Sydney (pictured). Echo also operates Treasury Casino & Hotels Brisbane and Jupiter Hotel & Casino Gold Coast in Queensland. Echo sold its Jupiter Townsville property to Colonial Leisure Group Pty Ltd in January for $70 million ($65.6 million).

Echo faces increasingly competitive challenges in its core markets. In November, the New South Wales government said it had approved plans for a VIP-only casino in Barangaroo, an Australian-dollar hotel complex proposed by Crown Resorts Inc., chaired by Macau casino investor James Packer. It could start operating in 2019.

In Queensland, two Sino-Australian projects are bidding to build a multi-billion dollar casino resort.

In June, Echo said it expects to report full-year earnings before interest, taxation, depreciation and amortization in a range of A$430 million to A$435 million.

Echo, which was spun off from racetrack betting business Tabcorp in 2011, closed up 0.32% on Thursday at $3.16 per share in ASX-listed shares.

BY: 슬롯사이트