Crown Resorts logo

CWNHB - Crown Resorts News Story

A$95.8 0.3  0.3%

Last Trade - 7:10am

Consumer Cyclicals
Large Cap
Market Cap £3.47bn
Enterprise Value £3.59bn
Revenue £1.63bn
Position in Universe 80th / 1829

BUZZ-Blackstone may look to monetise Crown Resorts' property assets - Citi

Thu 30th April, 2020 3:28am
** Crown Resorts Ltd  CWN.AX  extend gains, a day after
Blackstone Group  BX.N  picked up Melco Resorts & Entertainment
Ltd  MLCO.O  9.99% stake in the casino operator*:nL3N2CH03I
    ** The private equity firm's move sent Crown Resorts' shares
up as much as 12.8%, before easing slightly to end Wednesday
nearly 11% higher
    ** Crown Resorts up 3.3% at A$9.85 on Thursday 
    ** Citigroup sees Blackstone to likely monetise Crown
Resorts' property value by separating it from the operating
    ** The broker likens the idea to what Blackstone did with
MGM Resorts International  MGM.N  in October last year where it
bought its Bellagio resort $4.25 billion*:nL3N2704AN
    ** Crown Resorts's property portfolio estimated to be worth
~A$5.6 bln($3.66 bln) - Citi 
    ** With lockdown forcing closures of casinos, Crown Resorts'
shares down more than 50% from its 2020 peak to the low it hit
in March 
    ** Since then, market volatility has eased, and Crown
Resorts has shored up its balance sheet, laid off 95% of its
staff either temporarily or permanently
    ** Citi says a demerger is a possibility with Crown Resorts
holding a minority stake in the spin-off
    ** PE interest reflects quality of Crown Resorts' assets and
balance sheet at a reasonable valuation - Citi 
($1 = 1.5291 Australian dollars)

 (Reporting by Nikhil Kurian Nainan)
 ((; Twitter:
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.