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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 unsuitable for Sydney casino licence, inquiry hears

11/03/2020 | 08:45pm EST

SYDNEY, Nov 4 (Reuters) - Australian casino giant Crown Resorts Ltd was unsuitable to hold a casino licence in the country's biggest state, and the influence of its major shareholder James Packer led to a mass arrest of staff in China, an inquiry heard on Wednesday.

The assertions came in the closing statement from the lawyer running an inquiry into whether Crown should be allowed to operate a 75-floor casino tower on the Sydney waterfront that it has spent A$2.2 billion ($1.6 billion) building and plans to open next month.

Though the remarks do not amount to formal recommendations, they raise the prospect that the inquiry will not go in Crown's favour. The retired judge overseeing it must present a final report with recommendations by February, and may strip the company of its casino licence or impose tough conditions on it.

The 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.

Over months of hearings, the inquiry has heard allegations that Crown encouraged staff to remain working in China, where gambling is illegal, despite warnings from Beijing that it was cracking down on foreign casino agents. In 2016, 16 Crown staff were jailed in China for breaching anti-gambling laws.

"The evidence ... demonstrates that the licensee is not a suitable person to continue to give effect to the licence," the lawyer running the hearings, Adam Bell, told the inquiry.

Crown's governance was negatively affected by the dominance Packer's private investment vehicle had over the company, which contributed to the China arrests and was "ultimately harmful to the public interest", Bell said.

As the inquiry has progressed, Crown has said it is taking steps to improve corporate governance like ending an information-sharing agreement with Packer and suspending relationships with junket operators.

Packer, who owns 36% of the company, previously told the inquiry he expected to be told to sell down his stake, and agreed its corporate governance was "dysfunctional".

The inquiry has heard Packer received frequent trading updates from Crown executives, unbeknownst to other shareholders and despite holding no formal role at the company, while attempting to orchestrate several takeovers which never eventuated. ($1 = 1.3943 Australian dollars) (Reporting by Byron Kaye; Editing by Lincoln Feast.)


© Reuters 2020
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Financials
Sales 2021 1 642 M 1 262 M 1 262 M
Net income 2021 -31,2 M -24,0 M -24,0 M
Net Debt 2021 838 M 644 M 644 M
P/E ratio 2021 -211x
Yield 2021 1,93%
Capitalization 6 812 M 5 258 M 5 235 M
EV / Sales 2021 4,66x
EV / Sales 2022 2,45x
Nbr of Employees 12 166
Free-Float 53,9%
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Technical analysis trends CROWN RESORTS LIMITED
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 10,13 AUD
Last Close Price 10,06 AUD
Spread / Highest target 14,1%
Spread / Average Target 0,69%
Spread / Lowest Target -19,5%
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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