Shares of Echo Entertainment Group closed 2.68% higher on Tuesday after raising its full-year profit forecast. Shares were up nearly 8% on Monday after the update.
The Australian casino operator said it expects to report full-year earnings before interest, taxation, depreciation and amortisation in the A$430 million (US$430 million) and A$435 million range.
The company also beat most analysts’ forecasts and expects to achieve after-tax net income of between A$150 million and A$153 million in the year ending June 30, 2014. The company said its forecasts were “based on earnings momentum that emerged in the second half of the year.”
The company said in a filing with the Australian Stock Exchange that total sales in the first five months of 2014 were up 10.2% from a year ago. Game sales in Sydney, New South Wales and Queensland all grew from January to May. The company also said it was cutting costs. The company estimated annual operating costs at A$870 million.
Echo owns and operates the Star Casino in Sydney (pictured), the Juppeters Hotel and Casino in Gold Coast, Queensland, the Treasury Casino and Hotel in Brisbane, Queensland, and the Juppeters Townsville Casino. 파워볼사이트
The company is also on the list of casino licence bidders in downtown Brisbane, the state capital of Queensland. There, Echo competes with Crown Resorts Ltd., Hong Kong-based Far East Consortium International Ltd and joint venture partner Chow Tai Phuk Enterprises Ltd, and mainland Chinese real estate group Greenland Investment Ltd. The winning bid is expected to be announced in early 2015.