James Packer and Larry Mullin go toe to toe for high stakes

Mullin argued Packer should not be allowed to build the casino without first taking over Echo. "There is only one casino licence (in Sydney)," he said. "If James Packer wants to get into this market the only way to do so is to launch a full takeover bid for Echo and reward all our shareholders."

Packer was quick to reply, saying: "I don't expect Larry, as an American, to know Australian corporations law verbatim. Clearly he should spend more time studying before he ventures into that territory."

Hostilities came as Packer's bid for a Barangaroo casino received a boost from NSW Treasurer Mike Baird - who described it as a "bold" vision. "I, for one, put my name on the table as someone that would welcome it as a great addition to Barangaroo, subject to the normal conditions," Mr Baird said.

Mr Mullin talked up the existing casino at Pyrmont, claiming Echo's recent renovation program for The Star meant there was now "tremendous" growth potential for the venue's international VIP business that would flow through to the company's profits in coming years. He pointed to Echo accounts released last week showing overall VIP gaming revenues had doubled in the last six months.