SkyCity chief lashes Echo

Morrison say Echo has let down shareholders after losing Sydney monopoly.

SkyCity Entertainment Ltd chief executive Nigel Morrison says Echo Entertainment Group Ltd has let down its shareholders by allowing its monopoly on the Sydney casino market to be broken, The Australian Financial Review reports.

According to the newspaper, Mr Morrison says Crown Ltd's advancement to the next stage of development for a second Sydney casino – at the expense of Echo's bid – "shouldn't have happened".

"If I was part of Echo and I’d let that happen in my backyard I’d be very upset with myself," he said, according to the AFR.

"There’s no doubt that Crown is a very formidable opponent."

"But I think for [Echo] to have negotiated an extension on their exclusivity out to 2019, which probably wasn’t such a long period, and then spend the best part of $1 billion of shareholder’s money... and then be in the position where that exclusivity’s coming up and to think they’ve got to spend another $1 billion, it’s probably not an ideal position to be in" (see Cliona O'Dowd's Collected Wisdom).