Echo Entertainment CEO says group prepared for $1.5 billion investment

Echo Entertainment Chief Executive Officer John Redmond told the Courier Mail in Sydney that his group is ready to invest $1.5 billion in the group’s Gold Coast and Brisbane facilities, if it gets state government approval. Echo has been working on a plan for an integrated tourism and leisure resort in Brisbane with restaurants and retail outlets and also wants to spend several hundred million dollars upgrading its Gold Coast property. 

Redmond also commented on the Queensland government’s indication it may grant as many as three new casino licenses, saying he didn’t think the Brisbane market could sustain two casinos. The group is also prepared to shed its Townsville casino for an estimated $75 million, a separate report citing Redmond said. The rumoured buyer is said to be Lasseters International Holdings, which also runs the Lasseter Hotel Casino in Alice Springs.