Perpetual Limited
(ASX:PPT) has lifted its stake in Echo Entertainment Group Limited
(ASX:EGP) by one-third, to 10.15 per cent.
The move marks a show of support after Crown Limited
(ASX:CWN) sold its stake in the rival gaming business.
Perpetual boosted its stake in Echo on the same day as Crown chairman James Packer ordered the sale of his 10 per cent stake at a discount, according to media reports.
Echo has accused Crown of planning a casino on steroids on public land at Sydney's Barangaroo.
Perpetual also holds a five per cent stake in Crown, giving it leverage to shift its support for the two rivals.
Perpetual generated a net profit of $26.9 million in the first half of the current financial year.
