Crown Resorts Sells Down More of its Melco Crown Stake; FVE Unchanged
Our AUD 13 per share fair value estimate for narrow moat-rated Crown Resorts is unchanged following today's decision to sell down a further 13.6 million of its Melco Crown American Depository Shares, or ADS (equivalent to 2.8% of the shares outstanding). This effectively reduces the company's shareholding in Melco Crown from 14.0% to 11.2%, and comes after yesterday's announcement to sell almost half of the company's 27.4% holding. We see the reduced exposure to Melco Crown as a positive as it r...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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