Echo Shares Rise as Sydney Casino Revenue Climbs: Sydney Mover
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Echo Entertainment Group Ltd. rose to the highest level in a month in Sydney trading after the Australian casino operator reported growing revenue, offsetting concerns that a slowing economy may crimp consumer spending.
The shares gained 1.1 percent to A$2.75 at the close in Sydney, their highest closing level since July 18. Strong growth in revenue from high-rolling gamblers boosted sales 6.8 percent in the first seven weeks of the current fiscal year, “driving solid profitability growth,” the Brisbane-based company said in a regulatory statement today.