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The sands are shifting within Echo Entertainment Group Limited’s (ASX:EGP) share register in the wake of losing its exclusive casino licence for Sydney’s The Star casino from 2019.
Malaysian billionaire KT Lim is understood to be looking to boost his stake in the casino operator while fund manager Ausbil Dexia has reportedly sold out.
According to media reports billionaire Mr Lim will increase his interest over 10 per cent if his application is approved by New South Wales and Queensland state regulators.
Sydney based fund manager Ausbil Dexia has told the media it ceased to be a substantial shareholder last month and believes The Star’s performance has not met expectations.
The developments come after rival casino operator Crown Limited (ASX:CWN) beat Echo earlier this month by scoring New South Wales government backing to advance its Sydney hotel and casino proposal.
Shares in Echo Entertainment rose 2.67 per cent on Friday to end the week at $2.69, recovering from an all time low of $2.62 on Thursday.
Echo Entertainment Group reported a net profit of $66.5 million in the first half of the 2013 financial year.
