Hot Deal? Genting and Packer targeting Echo

Trading halted for pending proposed capital raising.

Snippets from articles read :

"Last month, Echo said it would book a writedown of A$29.9 million ($29.5 million) for its international VIP business, after a junket partner called SilkStar collapsed leaving bad debts and the high-roller business came in below target.

Analysts have said the Sydney casino's refurbishment costing some A$870 million has not led to a substantial pick-up in revenue."

This plus the ambition of James Packer to own Echo + Genting who has a SGD$3.9 billion war chest do + Genting said it has taken an unspecified stake in Echo. Under Australian listing rules, any stake of more than 5.0 percent must be declared.


Rumors are flying of Packer doing deals with Genting to enable it to get Echo while allowing Genting exposure to Macau.