Ma­cau gloom for Crown

Townsville Bulletin - - STATE OF ORIGIN III -

DEUTSCHE Bank has cut its earn­ings fore­casts for casi­nos op­er­a­tor Crown Re­sorts in fis­cal 2015, cit­ing dis­ap­point­ing rev­enue and earn­ings from oper­a­tions in Ma­cau.

The Ma­cau gam­ing mar­ket has ex­pe­ri­enced weak trad­ing con­di­tions.

Crown Re­sorts has a stake of around 34 per cent in Melco Crown, a joint ven­ture that op­er­ates the City of Dreams casino re­sort, Altira ho­tel and Mocha Clubs in Ma­cau.

Melco Crown is also de­vel­op­ing the Stu­dio City casino re­sort in Ma­cau.

“We have re­duced our earn­ings fore­casts by 5 to 6 per cent to re­flect lower earn­ings from Melco Crown, CrownBet and Aspinalls, partly off­set by higher earn­ings from Crown Mel­bourne,” Deutsche Bank an­a­lysts said in a re­search note.

Turnover from high­rolling VIP gam­blers in Ma­cau had fallen 51 per cent in the six months to June

Shares in Crown closed 13¢ higher at $ 13.07.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.