Echo Shares Down More Than Ten Per Cent After James Packer Dumps His Massive Stake

Getty/Lucas Dawson

Echo Entertainment is down more than 10% to $3.09, after the Billionaire owner of its rival James Packer sold his 10% share.

Packer, who controls echo rival Crown sold his stake in a sale brokered by UBS AG, despite recently receiving approval from gaming regulators to increase it to 23%.

The stock was down 10.03% or 35 cents at 11:39AM, while the market has dropped 1.54%.

Now read: James Packer Says He’s Selling His Echo Stake To Focus On The Crown Plan

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