Echo sells Jupiters Townsville

Echo Entertainment has agreed to sell Jupiters Townsville to Colonial Leisure Group for $70m, which equates to around eight times 2013 earnings before interest, tax, depreciation and amortisation – after adjusting for corporate costs. The price looks fair and we support the move. Jupiters Townsville was no more than a management distraction and its success or otherwise makes little overall difference to the company, which has a market capitalisation of nearly $2bn. Management's key task is winning customers to The Star in Sydney before the opening of Crown Sydney in 2019 and reinvigorating its other Queensland properties. This sale is small step...

Echo Entertainment has agreed to sell Jupiters Townsville to Colonial Leisure Group for $70m, which equates to around eight times 2013 earnings before interest, tax, depreciation and amortisation – after adjusting for corporate costs. The price looks fair and we support the move. Jupiters Townsville was no more than a management distraction and its success or otherwise makes little overall difference to the company, which has a market capitalisation of nearly $2bn.

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