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Follow for live updates on the unfolding situation in Afghanistan. A battle for control the star owner the owner of Sydney's Star Casino, Echo Entertainment, appears to be underway. James Packer's Crown Casino has applied for regulatory approval to the star owner its stake in Echo from 10 to 25 per cent.
Regulators yesterday allowed fund manager Perpetual to raise its stake in Echo to up to 15 per cent. South-east Asia's largest gambling group Genting Entertainment has also recently applied to raise its stake beyond 10 per cent.
Under Echo's constitution, no single party can hold more than 10 per cent without approval. Claiming Echo was mismanaged, with a brutal barrage of criticism Mr Packer triumphantly forced the resignation of Echo's chairman John Story. Mr Packer's aim appears to be expanding beyond Victoria and Western Australia to dominate casinos nationally the star owner compete vigorously overseas.
It is not just what Echo already has that is of great strategic importance to the Packer Crown. Echo has casino licences in Townsville and the Gold Coast, but more importantly, in Sydney and Brisbane where Mr Packer hopes to build two new casinos. Mr Packer has met with both state premiers. For all his connections, Mr Packer is now locked in a multibillion-dollar poker game that is set to shake the Australian casino sector and shape the future fortunes of the Packer family.
News The star owner. Afghanistan blog Follow for live updates on the unfolding situation in Afghanistan. But it remains a political minefield. Star casino head falls on his sword.
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