CASINOS – AUSTRALIA

Packer privatisation push to buoy Crown

roymorgansocial Leave a comment

Original article by Andrew White
The Australian – Page: 16 : 12-Jan-16

Shares in Crown Resorts closed $A0.11 higher at $A11.87 on 11 January 2016. Sacha Krien and Anthony Longo of CLSA have concluded that the casino operator is currently trading at a discount to fair value, and suggest that there is a "reasonable chance" that Crown will be privatised by 53 per cent shareholder James Packer. CLSA has upgraded its share price target by seven per cent, to $A13.38.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, CLSA AUSTRALIA PTY LTD, MELCO CROWN ENTERTAINMENT LIMITED, MORGAN STANLEY AUSTRALIA LIMITED

Packer pushes for Crown deal

roymorgansocial Leave a comment

Original article by Perry Williams
The Australian Financial Review – Page: 15 : 18-Dec-15

Crown Resorts chairman James Packer is believed to favour fully rather than partially privatising the listed casino operator. Packer’s Consolidated Press Holdings, which has a 53 per cent stake in Crown, has stressed that directors of Crown have not been presented with any proposals to privatise the group. Delisting Crown is likely to cost around $A5bn, and groups such as private equity firms or pension funds could potentially help Packer to finance any such deal.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, CONSOLIDATED PRESS HOLDINGS LIMITED, MELCO CROWN ENTERTAINMENT LIMITED, DEUTSCHE BANK AG

Shining Star’s locals make up for slump in high-roller gamblers

roymorgansocial Leave a comment

Original article by Jessica Gardner
The Australian Financial Review – Page: 19 : 5-Nov-15

Echo Entertainment Group’s shareholders approved a resolution to change its name to The Star Entertainment Group at the 2015 AGM. The listed casino operator also revealed that its domestic revenue was 8.7 per cent higher than previously in the first four months of 2015-16, although revenue from high-rollers fell by 33.8 per cent. Meanwhile, the group intends to rebadge its Queensland casinos as The Star, a brand that it currently uses in Sydney.

CORPORATES
ECHO ENTERTAINMENT GROUP LIMITED – ASX EGP, THE STAR, CROWN RESORTS LIMITED – ASX CWN, MELCO CROWN ENTERTAINMENT LIMITED, STANDARD AND POOR’S ASX 200 INDEX

Packer punts on $10b casino play

roymorgansocial Leave a comment

Original article by Perry Williams
The Australian Financial Review – Page: 19 : 20-Oct-15

Australian-listed Crown Resorts plans to build a 90-storey hotel and apartment tower in Melbourne in partnership with the Schiavello Group. The new hotel is slated for completion in 2019 and is expected to feature a new brand that could be used for other hotels that are in Crown’s extensive development pipeline. Crown hopes the new hotel will attract more high-rollers and tourists, and will be pitched at the upper end of the market.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, SCHIAVELLO GROUP PTY LTD, ECHO ENTERTAINMENT GROUP LIMITED – ASX EGP, MELCO CROWN ENTERTAINMENT LIMITED, WILKINSON EYRE ARCHITECTS

Israel-based Packer outgrows Australia

roymorgansocial Leave a comment

Original article by Perry Williams, Michael Smith
The Australian Financial Review – Page: 1 : 14-Aug-15

James Packer has handed over the chairmanship of Crown Resorts to friend and former investment banker Rob Rankin as the billionaire pursues global casino and technology opportunities. Packer will focus on the company’s Las Vegas property and expansion into online gambling under his new title of executive director. Having sold his Vaucluse mansion, Packer is expected to spend more time in the US and Israel.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, CONSOLIDATED PRESS HOLDINGS LIMITED, UBS HOLDINGS PTY LTD, ARNHEM INVESTMENT MANAGEMENT PTY LTD

Israel-based Packer outgrows Australia

roymorgansocial Leave a comment

Original article by Perry Williams, Michael Smith
The Australian Financial Review – Page: 1 : 14-Aug-15

James Packer has handed over the chairmanship of Crown Resorts to friend and former investment banker Rob Rankin as the billionaire pursues global casino and technology opportunities. Packer will focus on the company’s Las Vegas property and expansion into online gambling under his new title of executive director. Having sold his Vaucluse mansion, Packer is expected to spend more time in the US and Israel.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, CONSOLIDATED PRESS HOLDINGS LIMITED, UBS HOLDINGS PTY LTD, ARNHEM INVESTMENT MANAGEMENT PTY LTD

Crown faces earnings fall after Macau weakness

roymorgansocial Leave a comment

Original article by Perry Williams
The Australian Financial Review – Page: 21 : 8-Jul-15

Australian-listed Crown Resorts’ casino joint venture in Macau recorded a 36.2 per cent decline in gross gaming revenue in June 2015, with revenue falling for the last 13 months. However, the group’s casino in Melbourne is performing well. Deutsche Bank has reduced its 2014-15 earnings forecast for Crown Resorts from $A512.1m to $A481.2m.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, MELCO CROWN ENTERTAINMENT LIMITED, CROWN MELBOURNE LIMITED, CROWNBET, BETEASY PTY LTD, ASPINALL’S CLUB LIMITED, BETFAIR AUSTRALASIA PTY LTD, BETFAIR AUSTRALIA PTY LTD, DEUTSCHE BANK AG, ECHO ENTERTAINMENT GROUP LIMITED – ASX EGP

Echo chief on edge over delayed Genting decision

roymorgansocial Leave a comment

Original article by Perry Williams
The Australian Financial Review – Page: 17 : 1-Jun-15

The New South Wales Independent Liquor & Gaming Authority has yet to make a decision on an application by Malaysia-based Genting to lift its stake in Echo Entertainment Group. Genting has a 6.6 per cent stake in the casino operator, but it sought approval in 2012 to increase its stake to a maximum of 25 per cent. At present, shareholdings are limited to 10 per cent of Echo’s share register.

CORPORATES
ECHO ENTERTAINMENT GROUP LIMITED – ASX EGP, GENTING BERHAD, NEW SOUTH WALES. INDEPENDENT LIQUOR AND GAMING AUTHORITY, THE STAR, CROWN RESORTS LIMITED – ASX CWN, RESORTS WORLD BERHAD

High-rollers lift Crown’s earnings

roymorgansocial Leave a comment

Original article by Jessica Gardner, Vanessa Desloires
The Australian Financial Review – Page: 13 & 20 : 20-Feb-15

Australian-listed Crown Resorts has posted a 2014-15 interim statutory net profit of $A201.8m, which is 47.2 per cent lower than previously. The result was marred by write-downs totalling $A61.3m and a downturn in gambling activity in Macau. Normalised net profit of $A322m was 2.3 per cent higher and normalised revenue of $A1.7bn was up 17.2 per cent. Shareholders will receive a half-year dividend of $A0.18 per share

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, CROWN MELBOURNE LIMITED, MELCO CROWN ENTERTAINMENT LIMITED, BLOOMBERG LP, ECHO ENTERTAINMENT GROUP LIMITED – ASX EGP, SKYCITY ENTERTAINMENT GROUP LIMITED – ASX SKC, ARNHEM INVESTMENT MANAGEMENT PTY LTD, CITIGROUP PTY LTD, CONSOLIDATED PRESS HOLDINGS LIMITED

Echo’s Star performer set for makeover

roymorgansocial Leave a comment

Original article by Jessica Gardner, Vanessa Desloires
The Australian Financial Review – Page: 17 & 22 : 5-Feb-15

Australian-listed Echo Entertainment Group has posted a 2014-15 interim net profit of $A97.1m, which is 111 per cent higher than previously. Normalised revenue of $A1.2bn was up by 28.3 per cent, and Sydney’s The Star casino accounted for $A183m of normalised EBITDA of $A261m for the half-year. Echo Entertainment has spent $A870m on upgrading The Star in recent years, and it has flagged further expenditure on redeveloping the property

CORPORATES
ECHO ENTERTAINMENT GROUP LIMITED – ASX EGP, THE STAR, TREASURY CASINO AND HOTEL, CROWN RESORTS LIMITED – ASX CWN, JUPITERS LIMITED, CITIGROUP PTY LTD