Echo Entertainment is making plans to expand Brisbane’s gambling market by relocating and revamping its Treasury casino. While the operator aims to make things bigger and better in Brisbane, Echo wants to reduce its presence on a national scale by selling Jupiters Casino in Townsville. Of all of the casinos that are owned and operated by Echo Entertainment, Jupiters Townsville is the smallest.
According to CEO John Redmond, it does not fit with the company’s other properties. Jupiters Townsville is the only gambling venue owned by the company that is not based in a major city, and it seems that Echo Entertainment wants to focus on its properties that are located in cities that draw in large numbers of tourists. According to reports, Jupiters Casino could fetch some generous bids from international gaming operators.
The property is expected to sell for $75 million, but industry insiders believe that interested companies may spend upwards of $100 million on Jupiters. Business Spectator speculates that there are plenty of potential bidders, but the most likely buyer is Lasseters, a Singapore-based gaming firm.
The company already owns the Lasseters’ Hotel and Casino in Alice Springs, and it is likely that the operator wants to expand its presence in the Australian gambling market. More and more Asian tourists are visiting Australia’s casinos, and now is the time for gambling operators to appeal to this niche market.
Companies like Echo Entertainment and Crown Casinos have noted significant increases in their revenue thank to income from Asian high roller tourists, and Lasseters may want to break into this market.
It has also been speculated that New Zealand-based gaming firm SkyCity could bid on the property. SkyCity is working on renovating its Adelaide casino, and there is a chance that the company may want to expand its Australian presence even further.
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