Both firms declined comment on regulator’s decision
Crown given go-ahead to increase Echo stake
2013-05-13
Reading time 36 seg
(Australia).- James Packer's Crown has been given the go-ahead to increase its stake in rival Echo Entertainment Group, intensifying competition for control of Sydney’s only casino. The New South Wales state gaming authority said Crown, which holds 10 % of the Brisbane-based Echo, has three years to increase its stake to as much as 23 %.
Both Crown and Echo declined comment on the regulator’s decision, although a statement from Crown did say that it was awaiting similar approval from authorities in Queensland state, where Echo also operates casinos.
Melbourne-based Crown, which Packer controls through a 50 % shareholding, bought 10% of Echo last year and had sought approval to lift its stake to 25%. Echo is currently seeking to extend its license to operate Sydney’s only casino beyond 2019, potentially blocking Packer’s bid to build a us$ 1 billion hotel and casino targeting high-rolling Asian gamblers on the shores of the city’s harbor.
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