Friday, November 11, 2011

Echo Entertainment: Entertainment name of the game at The Star casino, by Greg Tingle - 10th November 2011


World Casino Directory Global Gaming Directory Australian Casinos The Star Echo Entertainment Gaming Sydney Australia

Stop saying Star City Casino... owned and operated by Tabcorp Holdings. It's The Star, run by Echo Entertainment, and don't you forget it my friends.

Integrated entertainment complex and land based casino owner Echo Entertainment advised revenue was stronger in the first quarter of 2011-12 and earnings are expected to rocket in the second half.

If you missed it, Echo Entertainment demerged from betting and gaming outfit Tabcorp Holdings in June 2011, and today operates The Star in 'Sin City' Sydney, Jupiters Hotel and Casino at Surfers Paradise, The Treasury Casino (Brisbane) and Jupiters up in Townsville.

Chief exec Larry Mullin told the company's AGM that Echo's performance in the three months to September 30 had been in line with the firms expectations.

Revenues in the period were up by 15.2 per cent and up 14.4 per cent on a normalised basis, he said.

Full-year earnings would be hit in the first half from costs associated with opening the newly revamped The Star, Mr Mullin said.

Pre-opening costs are going to be in the region of $30 million, while operating expenses at The Star will initially be higher.

Strong earnings growth is expected in the second half, due to new products and expansions at The Star, Mr Mullin said.

Second-half earnings in Queensland are also forecast to accelerate, following the impact of floods in the previous corresponding period.

In the meantime Australia's most famous gaming billionaire James Packer, and his Crown Limited - Crown Casino empire are not going to roll over and die, with casino revaps of their own in Melbourne and Perth, with Burswood in Perth expected to be rebranded Crown.

Media agencies such as Media Man and Casino News Media are currently obtaining information from the public at large as to whether The Star and Crown Casino are more about gambling or entertainment, or both. Roy Morgan and the Australian Government are expected to be very interested in the findings.


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