Ausbil Dexia has withdrawn its support for Echo Entertainment Group Ltd in the wake of the group's failed bid for a second Sydney casino and the perceived poor performance of the existing Star casino, The Australian Financial Review reports.
According to the newspaper, Paul Xiradis, Ausbil Dexia's chief executive officer, confirmed the group had sold all of its remainaing shares in Echo, after ceasing to be a substantial shareholder in June last year.
"[The Star] has performed perhaps not as well as I would have liked, given the amount they've spent on refurbishing the property,” Mr Xiradis told the AFR.
"I think it is a good property but it just seems to be not attracting the masses these days."
Ausbil's withdrawal comes as KT Lim flagged his Genting group, which currently holds a 6.6% stake in Echo, would be open to increasing that holding to above 10%, pending regulatory approval.