New Echo chief wants middle-market customers reaching for the Star
Mr Redmond will take over from Larry Mullin as chief executive next month, less than a year after being given regulatory approval to join Echo as a non-executive director.
"John Redmond brings to the job an invaluable balance of experience covering casino and entertainment management, financial management, listed company leadership and casino regulatory experience," the Echo chairman, John O'Neill, said.
The change of chief executive would not mean the company was abandoning its earnings targets from the just-completed $860 million revamp of the Star.
"The board indicated at the AGM that the targets are unchanged," Mr O'Neill said.
But while Mr Mullin's focus was on the VIP market, Mr Redmond indicated this would not be at the expense of middle-market customers, both local and from Asia.
"We are going to come at this from all angles, not just looking at this from the high end," Mr Redmond said.
"If you're going to chase the high end, you need to chase the base of the business too, to be able to take as much of the volatility out of the business as you can."
With this in mind, the $1 billion redevelopment of the surrounding Darling Harbour area - which includes a new concert hall, convention and exhibition space, as well as a 900-room hotel - is seen as a boon for the casino.
"If there's a 900-room hotel that's been built for people to stay in to attend the convention, well guess what, potentially they're our customers," Mr O'Neill said.
He said Echo had no interest in "me too" gambling facilities across
Frequently Asked Questions about this Article…
John Redmond will take over from Larry Mullin as chief executive of Echo Entertainment next month. He was approved less than a year earlier to join Echo as a non‑executive director and, according to Echo chairman John O'Neill, brings experience in casino and entertainment management, financial management, listed company leadership and casino regulatory matters.
Yes. John Redmond has said Echo will not lose focus on middle‑market customers — both local and from Asia — and the company intends to 'come at this from all angles' rather than concentrating solely on the high‑end VIP segment.
Redmond and the Echo board say they will pursue the high‑end VIP market but also maintain the base of the business to reduce volatility. The strategy is to chase VIP customers while continuing to serve middle‑market patrons so the business remains more stable.
Yes. The board indicated at the annual general meeting that the earnings targets from the just‑completed $860 million revamp of The Star remain unchanged, and the change of chief executive does not mean abandoning those targets.
The $1 billion redevelopment around Darling Harbour includes a new concert hall, convention and exhibition space and a 900‑room hotel. Echo's chairman John O'Neill noted that a large hotel built to house convention attendees could potentially bring more customers to the casino.
Larry Mullin concentrated on the VIP gambling market, whereas John Redmond has indicated he will not pursue VIPs at the expense of middle‑market customers and plans a broader approach that includes both segments.
Yes. The article states John Redmond received regulatory approval to join Echo as a non‑executive director less than a year before being appointed chief executive.
According to Echo chairman John O'Neill, the company has no interest in 'me too' gambling facilities, indicating it does not intend to simply replicate other operators' offerings.
Call 1300 880 160
Start a chat
Schedule a call
