Accelerated VIP Recovery Drives Crown’s Solid Fiscal 2018 Result; FVE Lifted by 7% to AUD 15.00
Crown Resorts’ fiscal 2018 normalised net profit after tax increased by 13% to AUD 387 million, in line with our AUD 383 million forecast. As expected, the recovery in VIP gaming at the Melbourne facility was the main growth driver, offsetting soft revenue from Perth and Aspinalls. We lift our fair value estimate for Crown by 7% to AUD 15 per share, reflecting an increase in our earnings forecasts. We’ve raised our EBIT estimates by around 4% on average during the next two years to reflect conti...Crown Resorts is an entertainment and gaming group. Co. owns and operates two resorts, Crown Melbourne, which features the Crown Towers Melbourne hotel, Crown Metropol Melbourne hotel, and the Crown Promenade Melbourne hotel; and Crown Perth, which features the Crown Metropol Perth hotel and the Crown Promenade Perth hotel. In the U.K., Co. owns and operates Crown Aspinall in London, a casino in the West End entertainment district. Co. also holds equity interest in Melco Crown Entertainment, a developer, owner and operator of resorts in Macau and the Philippines. The resorts include: City of Dreams Macau, Macau Studio City, and City of Dreams Manila.
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