Echo appoints American as new CEO

John Redmond, the former head of major casino groups in the United States, has been named the new chief executive of casino owner Echo Entertainment.

Mr Redmond will take on the job in January, once all regulatory approvals are received.

He replaces Larry Mullin, who announced his resignation in September.

The company's board has undergone massive changes in 2012, since former chairman John Story departed in June following pressure from James Packer, the chairman of Echo rival Crown.

Mr Redmond has previously held executive positions with Caesars World, including senior vice president and chief financial officer of Caesars Palace in Las Vegas.

He was also the co-chief executive officer of MGM Grand Mirage, an international casino and hotel group.

Mr Redmond has been an observer of the Echo board since September 2011, and joined as a non-executive director in March 2012.

He will be paid a fixed salary of $2.25 million each year in his new role, plus short-term incentives of up to $1.5 million.

Mr Redmond will also receive up to $25,000 to cover the costs of his move from the US to Australia.

Chairman John O'Neill said Mr Redmond possessed invaluable experience in the casino and entertainment industry.

"He has a deep knowledge of all aspects of casino and entertainment operations and will bring international experience and perspective to Echo's strategy for corporate growth," Mr O'Neill said in a statement.

Echo owns The Star in Sydney, the Treasury casino in Brisbane, and Jupiters Gold Coast and Jupiters Townsville.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.9295+0.0008+0.08%
    AUDUSD=X
    0.5537+0.0002+0.04%
    AUDGBP=X
    0.6723+0.0002+0.03%
    AUDEUR=X
  • Commodities
    Commodities
    NamePriceChange% Chg