Echo's AGM update and QLD plans

Casino owner Echo Entertainment released an unexpectedly negative trading update at its annual general meeting. Punters aren’t flocking to its recently renovated Sydney casino, The Star, as hoped, or its Queensland properties in fact, causing revenue to fall 3.5% in the first four months of the financial year. However, earnings before interest, tax, depreciation and amortisation actually rose, thanks to management's aggressive cost-cutting program. The announcement didn't say much about what caused the revenue fall, referring only to ‘subdued consumer spending’. We suspect most of the loss was in the non-VIP business and the Queensland properties, which are sorely...

Casino owner Echo Entertainment released an unexpectedly negative trading update at its annual general meeting. Punters aren’t flocking to its recently renovated Sydney casino, The Star, as hoped, or its Queensland properties in fact, causing revenue to fall 3.5% in the first four months of the financial year. However, earnings before interest, tax, depreciation and amortisation actually rose, thanks to management's aggressive cost-cutting program.

{{content.question}}

SMS Code Sent…

Hi {{ user.FirstName }}

Looks like you've already taken a free trial

Please enter your payment details

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to activate your membership

If you didn't receive SMS code please

Looks you are already a member. Please enter your password to proceed

Please untick this box when using a public or shared device


Verify your mobile number

Please sign up for full access

Updating information

Please wait ...

  • Mastercard
  • Visa

Related Articles