VIP Weakness Weighs on Crown Resorts’ Fiscal 2017 Performance
We retain our AUD 13.50 fair value estimate for narrow-moat-rated Crown Resorts following a weak fiscal 2017 result that missed both our and market expectations. It was an extremely eventful year. The group divested its entire stake in Melco Resorts, liberating over AUD 3 billion in capital; withdrew from the Alon project in Las Vegas; scrapped the planned property asset spin-off; and endured the arrest and prosecution of several employees in China. Notwithstanding the recent drama, the stock re...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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