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Redmond Quits Echo

Redmond Quits Echo

Echo Entertainment Chief Executive John Redmond has resigned after a little more than a year on the job in the wake of second-half results showing that profits at the embattled Australian casino operator had fallen more than 30 percent.

High rollers pummeled the company during the period. Combined with a number of one-time charges, the effect drove net income down to A$46.1 million.

Chairman John O’Neill said Redmond will return to the United States for personal reasons following a three-month transition period in which CFO Matt Bekier will take over the reins of the company and its flagship Star resort in Sydney and three casinos in Queensland, one of which recently was sold.