Echo Entertainment has sold its Townsville casino located in north Queensland to Colonial Leisure Group for $70 million, the company says it will help it now focus on its two other casino operations in Brisbane and the Gold Coast.
The sale still has to pass regulatory approval by the state but is expected to be cleared without any problems. The sale of the north Queensland casino was decided back in November 2013 at the last annual general meeting.
Chief executive John Redmond says while the Townsville casino’s recent performance had been positive, the size of the local market meant there were limited expansion opportunities.
He says the company’s capital will be better utilised at its casinos in south-east Queensland
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