he move ends a tough year for Echo, after the NSW Government decided to end its exclusive licensing arrangements by allowing James Packer to open a US$1.5 billion high-rollers casino at Barangaroo in 2019.
Echo's chief executive John Redmond will take over Mr Luvisutto's role while an international search is undertaken for a replacement. Mr Luvisutto departs on January 24. "We are very sorry to lose him,'' a spokesperson for Echo said. “When you are good sometimes other opportunities come up.”
Wynn is regarded as one of the most demanding bosses in the casino game. Shares in Echo climbed 4 % to us$2.40 today - a move one source said reflected investors' confidence in Redmond's ability.
"The market likes the fact John will have more day-to-day focus on The Star due to Frederic's decision,'' the source said. "There are some operational improvements which can be made.''
Luvisutto has been the head of The Star since February 2012, when he replaced Sid Vaikunta, who was dismissed from the role following sexual harassment claims. He was previously managing director of Jupiters Gold Coast, which is also owned by Echo.