Echo Entertainment

So far corporate advisers have been the big winners from the demerger of Echo Entertainment and Tabcorp, with total shareholder returns (capital gains plus dividends) since the announcement of the demerger amounting to just 2%. Even worse, Echo shareholders are now being asked to chip in more cash. Despite spending almost $1bn refurbishing Sydney’s Star Casino (now known as ‘The Star’), leasing two corporate jets to attract wealthy overseas gamblers, and inviting a posse of B-Grade celebrities to launch the casino’s new nightclub Marquee, so far the bet hasn’t paid off. Revenue growth has failed to meet expectations, and...

So far corporate advisers have been the big winners from the demerger of Echo Entertainment and Tabcorp, with total shareholder returns (capital gains plus dividends) since the announcement of the demerger amounting to just 2%. Even worse, Echo shareholders are now being asked to chip in more cash.

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