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.

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