Echo Entertainment Group Ltd., the company that has an exclusive license to run a casino in Sydney, Australia, has announced plans to spend $1 billion to expand its facility in order to beat back a challenge to its license from Australian billionaire James Packer.
Packer previously owned a 10% stake in Echo but has since sold off that interest in order to pursue an effort to challenge that exclusivity by offering to build a $1.1 billion gaming property at Barangaroo, a development site southwest of the Sydney Harbor Bridge.
Also attempting to take over Echo Entertainment is Malaysia’s Genting, a multi-national gaming company that has requested the right to increase its Echo holdings to 25%.
Echo officials said the Barangaroo development would pose a serious challenge to its operation.
Ray Poirier is the longtime executive editor at GamingToday.
Contact Ray at [email protected].