Echo Falls to Record, Crown Rises on Casino Ruling: Sydney Mover
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Echo Entertainment Group Ltd., operator of Sydney’s only casino, fell to a record after the New South Wales government backed Crown Ltd.’s plan to open a rival site nearby, on the shore of the city’s harbor.
Echo fell 5.2 percent to A$2.76, the lowest close since the Brisbane, Australia-based company was spun off from Tabcorp Holdings Ltd. in 2011. Trading volume was almost four times the three-month average. Crown rose 3.2 percent to a two-week high.