Yesterday NSW Premier Barry O’Farrell granted James Packer a win over his rival Echo Entertainment, and today their share prices say it all.
The market is up by nearly 1%.
James Packer’s Crown got the go-ahead to proceed to the next stage of an approvals process, which means Echo can’t build its proposed Star Casino expansion.
Echo isn’t happy with the decision but it does not mean it’s going anywhere. It still has an exclusive casino license until 2019, and an 80-year license term.
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