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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Crown Resorts Limited    CWN   AU000000CWN6

CROWN RESORTS LIMITED

(CWN)
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Crown Resorts : Australia's Crown Resorts says will only work with licensed gambling tour operators

11/16/2020 | 08:01pm EST

Nov 17 (Reuters) - Australian casino giant Crown Resorts Ltd on Tuesday said that when it resumes working with gambling tour operators, it will only work with those licensed and approved by all gaming regulators in the states the company operates in.

An inquiry was called by the casino regulator of New South Wales state after 2019 media reports accused Crown of dealing with gambling tour - or "junket" - operators with links to organised crime to bring Chinese high rollers to its current flagship asset in Melbourne.

Crown has been accused at an Australian regulatory inquiry of having a "culture of denial and arrogant indifference to compliance" in its dealings with these operators and that it ignored warning signs and breached an obligation to deal with people "of good repute".

"Crown will only recommence dealing with a junket operator if that junket operator is licensed or otherwise approved or sanctioned by all gaming regulators in the States in which Crown operates," it said in a statement.

In September 2020, Crown suspended all activity with these operators until June 2021 to undertake a review of its dealings with them.

The inquiry is widely expected to result in regulatory action against Crown's founder and 36% shareholder James Packer and the company, which has two casinos and is banking its growth on a new 75-floor complex in Sydney that opens in December.

Australia's financial crime agency has also begun investigating Crown on suspicion of failure to comply with anti-money-laundering protocols, while the country's corporate regulator has also said it might open its own probe.

Crown's shares traded as much as 1.4% higher, against a 0.2% gain on the benchmark S&P/ASX200 index. (Reporting by Rashmi Ashok in Bengaluru; Editing by Himani Sarkar and Christopher Cushing)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CROWN RESORTS LIMITED -0.88% 10.11 End-of-day quote.4.98%
S&P/ASX 200 0.00% 6715.4 Real-time Quote.1.95%
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Financials
Sales 2021 1 642 M 1 268 M 1 268 M
Net income 2021 -31,2 M -24,1 M -24,1 M
Net Debt 2021 838 M 647 M 647 M
P/E ratio 2021 -212x
Yield 2021 1,92%
Capitalization 6 846 M 5 329 M 5 286 M
EV / Sales 2021 4,68x
EV / Sales 2022 2,46x
Nbr of Employees 12 166
Free-Float 53,9%
Chart CROWN RESORTS LIMITED
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Crown Resorts Limited Technical Analysis Chart | CWN | AU000000CWN6 | MarketScreener
Technical analysis trends CROWN RESORTS LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 10,13 AUD
Last Close Price 10,11 AUD
Spread / Highest target 13,6%
Spread / Average Target 0,19%
Spread / Lowest Target -19,9%
EPS Revisions
Managers and Directors
NameTitle
Kennneth M. Barton Chief Executive Officer, MD & Executive Director
Helen Anne Coonan Chairman
Alan McGregor Chief Financial Officer
Michael Roy Johnston Non-Executive Director
John Stephen Horvath Deputy Chairman
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