ECHO SELLS TOWNSVILLE CASINO

ECHO SELLS TOWNSVILLE CASINO

ECHO Entertainment Group (ASX:EGP) has entered an agreement to sell Jupiters Townsville casino to Colonial Leisure Group for $70 million.

Echo managing director and CEO John Redmond (pictured) says the company saw limited expansion opportunities for the Townsville property.

“We remain committed to and excited about investment in South East Queensland and believe the company’s capital will be better deployed as we advance our plans for development of both Jupiters Gold Coast and Treasury Brisbane into large-scale integrated resorts,” he says.

CLG is a wholly owned private Australian company, it operates 15 hotels in Victoria and WA, plus a brewery in Margaret River.

In North Queensland it owns Orpheus Island and the Daintree Eco Lodge, the Daintree General Store and Hotel and Nautilus Aviation.

CLG says it aims to develop Jupiters Townsville Hotel and Casino “improving the operational and financial performance of the property”.

The transaction is subject to the required regulatory approvals, but is not subject to finance or shareholder approval.

EGP is trading up .42 per cent at $2.420 this afternoon.

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

“Not our desired outcome”: Telix withdraws from $300m Nasdaq IPO

“Not our desired outcome”: Telix withdraws from $300m Nasdaq IPO

Telix Pharmaceuticals (ASX: TLX), one of the nation’s largest...

CommBank joins new ‘intelligence loop’ to combat SMS phishing scams

CommBank joins new ‘intelligence loop’ to combat SMS phishing scams

In an effort to reduce the number of SMS phishing scam victims...

Stralis Aircraft secures funding to make commercial hydrogen planes a reality

Stralis Aircraft secures funding to make commercial hydrogen planes a reality

Brisbane-based Stralis Aircraft has become one step closer to its a...

A year after the PwC scandal, the furore is gone – as well as the appetite for structural change

A year after the PwC scandal, the furore is gone – as well as the appetite for structural change

It was a scandal that rocked the shaky foundations of Australia&rsq...