Echo Entertainment sees higher H1 on record international VIP business

Australia’s Echo Entertainment said it expects a gain of between 23 percent to 31 percent in H1 EBITDA fuelled by local electronic gaming and international high rollers.

The company said it expects H1 normalized EBITDA to be between $245 million - $360 million ($216.1 million - $317.5 million), up from a restated $199 million in the same period last year.

In an update of its trading performance in the 17 weeks through to Oct. 27th, the group said it had seen normalized gross revenue gain 27 percent, with local revenue up 13 percent. The international VIP rebate business had turnover of $16 billion, up 78 percent.

Normalized revenues are up 36 percent in Sydney and 8 percent in Queensland.

“We are experiencing good demand in all properties, especially in domestic electronic gaming,” CEO and managing director Matt Bekier said. “The international VIP rebate business is breaking previous records.”

Echo Entertainment owns the Star casino in Sydney, the Jupiters Hotel and Casino on the Gold Coast and the Treasury Casino Hotel in Brisbane.

 

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