Its shares have slumped 25 % so far this year
Echo shares fall to 2-month low
2013-10-15
Reading time 24 seg
(Australia).- Shares in Echo Entertainment Group fell 5.2 % in Sydney trading after the Australian state of Queensland, in which it has a 97 % share of the casino market, said it may issue as many as three new licenses for gambling resorts.
The state government said it will allow rival bids for a site in the state capital Brisbane where Echo currently has one of its three casinos in the state, while also considering two more licenses. Echo's shares have slumped 25 % so far this year as the Australian gaming market repositions itself legislatively to tap into the burgeoning Asian gaming sector.
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