SYDNEY, July 5 (Reuters) - Shares in Australia’s Crown Ltd surged as much as 6 percent in early trade on Friday, a day after it won conditional government approval for a VIP gaming room at its luxury hotel development in Sydney.
Shares in rival casino operator Echo Entertainment Group Ltd , which will lose its exclusive gaming licence in Sydney as a result of the decision, slumped around 4.5 percent.
The New South Wales state government, which will now discuss a binding agreement with Crown, said it wanted to boost competition and increase Sydney’s share of the booming Asian gambling market.
Crown shares were at A$12.87 while Echo shares were at A$2.79 at 0010 GMT. (Reporting by Jane Wardell; Additional reporting by Maggie Lu Yueyang; Editing by Ryan Woo)