Star performance as Echo builds expansion momentum

    Echo Entertainment Group announced its full year results for the year ended 30 June 2014 posting a 27.3 percent increase on net revenue to A$106.3 million, surpassing expectations. The company listed a gross revenue of A$1,9b up 3.8 percent and a normalized international VIP rebate gross revenue of A$472.2 million, up 6.9 percent with normalized turnover of A$29.1b, representing a 6.5 increase yoy.

    Echo declared a final dividend of 4 cents per share bringing total dividends of 8 cents per share for the year, up 33 percent from last year.

    “The main drivers behind the result were a significant acceleration of revenue growth in the second half of the financial year and tightly managed expenses throughout the period, ” Echo Entertainment chairman John O’Neill said in a filing. “Particularly pleasing was the performance of The Star, where the expanded facilities are gaining traction and customers are responding well to the new marketing initiatives and the rewards of the loyalty program,” the executive added.