News: Echo lodges two proposals

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Echo Entertainment Group Limited (ASX:EGP) and Crown Limited (ASX:CWN) were both given the chance to submit two proposals for new casinos in Sydney, but only Echo took up the opportunity, according to reports.

 

David Murray, part of the steering committee that will decide between the proposals, says Echo is within its rights to put forward an alternative proposal.

 

Echo lodged a proposal for a $1.1 billion redevelopment of The Star precinct on Sydney's waterfront, as well as a second proposal relinquishing its exclusive licence on the basis any new Crown venue would be restricted to high-rollers.

 

Crown's single proposal centred on its Barangaroo resort.

 

Echo generated a net profit of $66.5 million in the first half of the current financial year.