Echo Entertainment Group and Reef Casino Trust
To encourage tourism, Queensland may issue up to three new casino licenses.
Applications will be accepted to redevelop a riverfront site in Brisbane, which Echo Entertainment Group already operates. The only other casino operator in the northern state is Reef Casino Trust, managing Cairns’ casino.
There is potential for two more Casino licenses to be issued, in addition to the Brisbane redevelopment.
Echo is down 32 per cent over the past twelve months. Reef Casino Trust has fared much better, gaining 20 per cent over the same period.
Retailer Premier Investments has been upgraded to neutral from sell at Citi. The retailer is down 9 per cent over the past month, closing at $7.83 yesterday.
After reporting in September analyst concerns were focused on the potential for future sales growth as Premier has undertaken heavy cost cutting to improve the bottom line. Improving consumer confidence should help Premier’s share price from current levels.
Current analysts prices targets compiled by Bloomberg range from $8.34 to $10.