May 23, 2013
| Edition Nº2238 / Year
10
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Echo is open to casino license arrangement with Crown
Volanta
Crown has applied to regulators to increase its stake to 25 %
Titulo
Echo is open to casino license arrangement with Crown
Archivo de imagen (URL) |
EpígrafeCrown, owned by billionaire James Packer, applied to regulators to increase its stake to 25 % and successfully led a push to oust Echo's previous chairman.
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Australia
| 17/08/2012
Sumario
(Australia).- Australian Echo Entertainment has talked with shareholder Crown and says is open to working on a plan to benefit all shareholders. Crown, which holds a 10 % stake in rival Echo, has said it hopes to use Echo's exclusive state casino licence to go ahead with a planned luxury hotel development in Sydney.
Cuerpo
Crown, that it is is owned by billionaire James Packer, has applied to regulators to increase its stake to 25 % and successfully led a push to oust Echo's previous chairman.
"We're open to what might be but we don't know what that is yet, nothing I can tell you any more definitively," Echo Managing Director Larry Mullin told Reuters by telephone. "I don't have anything to report other than a very, very preliminary conversation," he said when asked if he had been approached by James Packer.
"It's a lot of speculation on what might be or might not be with our business. We're open to exploring anything on our business but it would have to be at shareholder value," Mullin said. "It would have to be good for our shareholders, but they are a shareholder. We treat our shareholders equally," he concluded.
Fuente
Yogonet.com / Reuters