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Australia – Echo sells off Jupiters Townsville

By - 24 January 2014

Australian operator Echo Entertainment Group is offloading its smallest casino; Jupiters casino in Townsville, to Colonial Leisure Group for a price of A$70m.

Echo said it will turn a pre-tax profit on the sale of the Townsville venue of about $8m, after transaction costs.

Echo Chief Executive John Redmond said: “Recent performance of Jupiters Townsville has been positive. However, given the scale of operations and the size of the local market, we saw more limited expansion opportunities, and therefore strategic fit, with the group’s other assets.”

Mr. Redmond added that Echo would commit $1.5bn towards redeveloping Jupiters Gold Coast and Treasury Brisbane into large-scale integrated casino-resorts.

The Queensland government recently issued

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its first Expression of Interest (EOI) documents to those interested in developing new integrated casino-resorts in Brisbane and Queensland.

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