Resilience of Melbourne Underpins Crown Resorts' Solid Result; FVE Eased to AUD 14.50
Crown Resorts reported a solid fiscal 2016 result, albeit slightly below our expectations. The resilience of the grind market at the key Melbourne property (65% of group revenue and 78% of group EBITDA) stood out. The good performance in main-floor gaming and solid growth in nongaming revenue at Crown Melbourne was partly offset by a drop in VIP turnover in Australia, which is cycling against very strong comparable growth, and the expected weakness from the Macau associate, Melco Crown. The atta...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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