Plenty of changes are taking place in Australia’s land-based gambling market, with companies like SkyCity and Crown Casinos making plans to expand. Now, Echo Entertainment is looking to make some changes – but its plans are quite the opposite of expansion. The company is looking for another operator to take Townsville Casino off of its hands so that Echo Entertainment can focus on its other properties.
This week, Echo Entertainment announced that it would start a bidding process for the sale of the Townsville Casino. Already, Lasseters International Holdings and SkyCity have expressed interest in purchasing the gambling venue. While the sale is expected to fetch Echo at least $100 million, it will be a worthwhile investment for the successful bidder, as the casino’s revenue has recently jumped by 5%.
Echo has made plans to sell Townsville in favour of shifting its focus to its bigger casinos. The company would like to spend more time and money on its Brisbane, Gold Coast and Sydney casinos. Currently, the company is making plans to spend $625 million on renovating its gambling venues in Brisbane and the Gold Coast, aiming to attract more high roller players.
The company is simply following its own example. Last year, The Star casino was renovated to become a world-class gambling venue that would appeal to high rollers. Since the casino’s’ re-launch, Echo Entertainment experienced a boost in profits. The company expects the same from its other locations.