Colonial Leisure Group Pty Ltd entered into a contract to acquire Jupiters Townsville Hotel and Casino from Echo Entertainment Group Limited (ASX:EGP) for AUD 70 million on January 24, 2014. The transaction is subject to required regulatory approvals being obtained, which are expected to take 9-12 months. The agreement is not subject to finance or Colonial Leisure Group or Echo shareholder approval.

The sale of Jupiters Townsville followed a competitive sale process advised by ANZ Corporate Advisory. The deal is expected to be complete by the end of the financial year. ANZ Corporate Advisory acted as financial advisor to Echo Entertainment Group Limited.