From One Coast to Another

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An attendant walks between rows of slot machines inside the Resorts World Sentosa casino on Singapore's Sentosa Island

On the heels of the retirement of the Chief Executive of the <a

href=”http://www.echoentertainment.com.au/Pages/Default.aspx”>Echo Entertainment Group, a major struggle faces the Aussie casino as Crown Resorts Limited vies for ideal positioning for maximum gaming profits. Echo itself is in the best financial shape it has ever been in over the past few decades. However, this fact is not discouraging the efforts being made by Crown Resorts to move in on their territory while a shift of management occurs. Although, the tension has made the investors in Echo Entertainment nervous, sending their market shares to a record low. The 34 percent reduction to the net worth of the company does not necessarily spell out good news as their rival, Crown Resorts, reports a 52 percent gain in revenue over the past year.

The Game Heats Up

The two gaming entities are in competition for gaming licenses on the Eastern coast of Australia. There is big money up for grabs in this region. Australia is in the midst of pursuing considerable portions of the booming Asian gaming market. This market has been estimated to be worth roughly $34 billion. Echo will be placing Matt Bekier in the empty position of leadership. This promotion is an internal one. Bekier has been with the organization since it first came into existence based on the efforts of Tabcorp Holding Limited in 2011.

Posturing and Success

The entire situation came as a surprise to the Australian gaming market at large. It does not seem to be a good sign for investors; however, the company itself seems to have no major concerns about its own future. According to statements that they have released publicly, underlying net profits rose by 1.3 percent in a period of six months, roughly translating to $71.5 million. These figures exceed the forecasts for future profits laid out by the company. Echo does have an extremely good position already when it comes to taking a slice of the Asian gaming market that is expanding towards Australia. Among its shareholders are Genting Bhd, Southeast Asia’s largest gaming group to date.