Echo downgraded to Sell

When we initially upgraded Echo Entertainment to Buy in Echo is worth a shout on 23 Sep 13 (Buy – $2.68), the investment case was simple. Echo’s share price had nearly been cut in half because investors feared the opening of James Packer’s new VIP casino at Barrangaroo in Sydney in 2019 would smash profits at The Star despite its recent $1bn refurbishment. We didn’t see it that way. First, there were six years to improve the performance of The Star before Barrangaroo opened. The Star had been poorly managed which meant there was loads of potential to increase profits,...

When we initially upgraded Echo Entertainment to Buy in Echo is worth a shout on 23 Sep 13 (Buy – $2.68), the investment case was simple. Echo’s share price had nearly been cut in half because investors feared the opening of James Packer’s new VIP casino at Barrangaroo in Sydney in 2019 would smash profits at The Star despite its recent $1bn refurbishment.

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