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Friday, January 13, 2012

Echo Entertainment tipped to be taken over by Crown Limited - 12th January 2012


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Casino owner Echo Entertainment is Australia's prime contender to be taken over in 2012 says JP Morgan.

There's a play for Echo Entertainment tipped owner of The Star casino in Sydney, by James Packer's rival Crown casino group - Crown Limited.

"Echo is our highest conviction takeover target for 2012," JP Morgan said.

"Now is the time that Crown has to move if it wants to buy the company at a decent price. Once the (Star casino) capex benefits start flowing through to the bottom line, the share price might be out of reach," it said. Crown already owns a 4.9 percent stake in Echo Entertainment.

A Media Man spokesperson said "James Packer continues to make all the right moves. He will not be repeating any of the same kind of mistakes he made in Las Vegas, USA, a few years ago. Packer and his team have also made themselves more available for news media, knowing that they will get written about anyway. Lately, there's largely only positive news to report and JP even gives the tabloids a bit of fun stuff to run with once in a while also. Packer can also be thankful that his casino investments in Macau are paying off which is helping keep his bottom line more impressive than all other Australian based gaming entrepreneurs".

*the writer is a shareholder in Crown Limited.


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