Sydney Is Crown’s Ace in the Hole, Shares Meaningfully Undervalued at Current Price
The recent S&P/ASX 200 sell-off has provided investors an opportunity to invest in Crown Resorts at a meaningful 21% discount to our AUD 15.00 fair value estimate. With a superior location and high-end focus, we believe Crown is likely to steal just over half of Star Sydney's VIP, and around 22% of the domestic table revenue, while at the same time growing the domestic market. Crown group's operations are of high quality, boasts a narrow economic moat rating, and has above-peer earnings grow...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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