Macau gloom for Crown
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.