SYDNEY: Australian casino company Crown Ltd sold its 10 percent stake in rival Echo Entertainment Group, signalling billionaire owner James Packer is confident of winning approval for a high-roller casino in Sydney.
Echo has exclusive rights until 2019 to the city's single casino licence and Crown's stake was widely viewed as an insurance policy to grab a slice of the lucrative Asian gambling market in case its own plan to build a A$1 billion hotel and VIP gaming suite was rejected.
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