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CWNHB - Crown Resorts News Story

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Last Trade - 6:22am

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £3.44bn
Enterprise Value £3.56bn
Revenue £1.64bn
Position in Universe 80th / 1830

BUZZ-Casino operators: MS all in on Crown Resorts; cuts Star Entertainment to 'underweight'

Tue 16th June, 2020 2:04am
** Morgan Stanley turns bullish on Crown Resorts CWN.AX with a view that the Australian casino operator will rake in substantial domestic market share and outperform peer Star Entertainment SGR.AX ** Brokerage says Crown's new casino in Sydney, scheduled to open in December, should help attract Asian high net worth travellers to the city and benefit both CWN and SGR ** Says fight for domestic market share is key with outlook for international travel uncertain due to the coronavirus crisis; new Sydney casino gives CWN the edge ** By contrast, SGR's A$1.6 bln ($1.11 bln) Queen's Wharf Brisbane project is under construction till 2023 and its balance sheet is not as strong as CWN ** In April, the two casino operators laid off about 20,000 staff either temporarily or permanently and lined up about $760 million in bank credit to weather the crisis urn:newsml:reuters.com:*:nL3N2C401A ** MS adds that Crown's vast presence in Melbourne gives it relative longer-term stability, while hopes of a buyout are also supportive ** Blackstone BX.N bought a near 10% stake in Crown from Macau's Melco Resorts & Entertainment MLCO.O in April, stoking hopes that the PE firm may table a bid for more or all of CWN urn:newsml:reuters.com:*:nL3N2CH03I Company New rating Old rating New PT Old PT CWN Overweight Equal-weight A$12 A$6.60 SGR Underweight Overweight A$3.30 A$2.50 ($1 = 1.4399 Australian dollars) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Aussie casino operators bear the brunt of coronavirus curbs https://tmsnrt.rs/37C51Hp ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Shashwat Awasthi in Bengaluru) ((Shashwat.Awasthi@thomsonreuters.com))
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