ASX Share rice
Sun 16 May 2021 - 06:36:am (Sydney)

CWN Share Price

CROWN RESORTS LIMITEDCWNConsumer Services

CWN Company Information

Name:

Crown Resorts Limited

Sector:

Consumer Cyclical

Industry:

Resorts & Casinos

GIC Industry:

Hotels, Restaurants & Leisure

GIC Sub Industry:

Casinos & Gaming

Address:

Crown Towers Southbank VIC Australia 3006

Phone:

61 3 9292 8824

Full Time Employees:

12166

Exec. Chairman:

Hon. Helen Anne L. Coonan B.A., L.L.B., BA, LLB

Exec. VP of Strategy & Devel.:

Mr. William Todd Nisbet B.Sc., BSc

Exec. Officer:

Mr. Kenneth McRae Barton C.A., BEc

CFO & Interim Company Sec.:

Mr. Alan F. McGregor B.Com., C.A.

Mang. of Strategy & Investor Relations:

Mr. Matthew Young

Chief Compliance & Financial Crimes Officer:

Mr. Steven Blackburn

Exec. VP of Group Marketing & Brand Strategy:

Mr. Karl Bitar

Exec. Officer:

Mr. Michael James Neilson

HR Mang. of Industrial Relations:

Ms. Jacinta Cubillo

Company Overview:

Crown Resorts Limited operates in the entertainment industry primarily in Australia. It operates through four segments: Crown Melbourne, Crown Perth, Crown Aspinalls, and Wagering & Online. The company owns and operates two integrated resorts, including Crown Melbourne and Crown Perth. Its Crown Melbourne resort comprises 2,628 gaming machines and 540 gaming tables; the Crown Towers Melbourne hotel with 481 guest rooms, the Crown Metropol Melbourne hotel with 658 guest rooms, and the Crown Promenade Melbourne hotel with 465 guest rooms; a conference center; banqueting facilities; restaurants and bars; and designer brands and retail outlets. The company's Crown Perth resort includes the Crown Towers Perth hotel with 500 guest rooms; the Crown Metropol Perth hotel comprising 397 guest rooms; the Crown Promenade Perth hotel with 291 guest rooms; 2,500 gaming machines and 350 gaming tables; a 1,500-seat Crown Ballroom and 2,300-seat Crown Theatre; convention facilities; and restaurants and bars, and a resort. It also owns and operates the Crown Aspinalls, a casino in London; and engages in wagering and online social gaming activities. The company was formerly known as Crown Limited and changed its name to Crown Resorts Limited in October 2013. Crown Resorts Limited was incorporated in 2007 and is based in Southbank, Australia.

CWN Share Price Information

Shares Issued:

677.16M

Market Capitalisation:

$8.80B

Revenue (TTM):

$1.29B

Revenue Per Share (TTM):

$1.90

Earnings per Share:

$0.117

Profit Margin:

-0.2018

Operating Margin (TTM):

$-0.14

Return On Assets (TTM):

$-0.02

Return On Equity (TTM):

$-0.05

Quarterly Revenue Growth (YOY):

-0.621

Gross Profit(TTM):

$313.70M

Diluted Earnings Per Share (TTM):

$-0.383

QuarterlyEarnings Growth(YOY):

0.26

CWN CashFlow Statement

CashFlow Date:

2020-06-30

Investments:

$-3,900,000

Change To Liabilities:

$-75,000,000

Total Cashflow From Investing Activities:

$-750,100,000

Net Borrowings:

$-13,700,000

Net Income:

$79.50M

Total Cash From Operating Activities:

$326.90M

Depreciation:

$274M

Other Cashflow From Investing Activities:

$-3,800,000

Dividends Paid:

$-406,200,000

Change To Inventory:

$-500,000

Change To Account Receivables:

$74.90M

Capital Expenditures:

$746.30M

CWN Income Statement

Income Date:

2020-06-30

Income Before Tax:

$153.20M

Net Income:

$79.50M

Gross Profit:

$313.70M

Operating Income:

$163.40M

Other Operating Expenses:

$71M

Interest Expense:

$-300,000

Income Tax Expense:

$71.30M

Total Revenue:

$2.24B

Cost Of Revenue:

$1.92B

CWN Balance Sheet

Balance Sheet Date:

2020-06-30

Intangible Assets:

$1.16B

Total Liabilities:

$2.41B

Total Stockholder Equity:

$4.75B

Other Current Liabilities:

$291.70M

Total Assets:

$7.17B

Common Stock:

$-203,300,000

Retained Earnings:

$4.95B

Other Liabilities:

$619.80M

Good Will:

$243.20M

Other Assets:

$248.80M

Cash:

$286.90M

Total Current Liabilities:

$669.90M

Property - Plant & Equipment:

$4.87B

Net Tangible Assets:

$3.35B

Long-Term Investments:

$215.30M

Total Current Assets:

$456.90M

Long-Term Debt:

$1.07B

Net Receivables:

$111.20M

Short-Term Investments:

$6.71B

Inventory:

$17.20M

Accounts Payable:

$190.10M

Non Currrent Assets (Other):

$48.80M

Short-Term Investments:

$6.71

Non Current Liabilities Total:

$1.74B

CWN Share Price History

CWN News

13 May, 2021
SYDNEY (Reuters) -Australian takeover target Crown Resorts has committed to end international gambling tours, or "junket" operations, and go cashless in its casinos, the gaming regulator in the country's biggest state said on Thursday. After being deemed unsuitable for a gambling licence in New South Wales in February, when an inquiry found Crown had enabled money laundering on its premises, the Melbourne-based casino operator has emerged as the target of a bidding war. Star Entertainment Group proposed an all-stock buyout this week of its larger rival Crown that values it at A$9 billion ($6.96 billion), taking on private equity giants Blackstone and Oaktree Capital Group for control of the troubled company.
Australian takeover target Crown Resorts has committed to end international gambling tours, or "junket" operations, and go cashless in its casinos, the gaming regulator in the country's biggest state said on Thursday. After being deemed unsuitable for a gambling licence in New South Wales in February, when an inquiry found Crown had enabled money laundering on its premises, the Melbourne-based casino operator has emerged as the target of a bidding war. Star Entertainment Group proposed an all-stock buyout this week of its larger rival Crown that values it at A$9 billion ($6.96 billion), taking on private equity giants Blackstone and Oaktree Capital Group for control of the troubled company.
10 May, 2021
(Bloomberg) -- A bidding war erupted for Crown Resorts Ltd. with rival casino operator Star Entertainment Group Ltd. proposing an all-stock merger and Blackstone Group Inc. sweetening its cash takeover bid.Star said its offer would create an Australian gaming and hospitality giant with a market value of A$12 billion ($9.4 billion) as it unveiled plans to cut costs, as well as sell and lease back property, at the enlarged group. Minutes earlier, U.S. private-equity firm Blackstone raised its offer for Crown by 4% to A$8.36 billion.Crown said it’s assessing both proposals.Bidders are circling Crown while it’s cornered by regulatory investigations. A damning inquiry in February found the company was unfit to run its new Sydney casino following years of money laundering at properties in Perth and Melbourne, which are now the subject of fresh probes.Beyond the scrutiny from gaming watchdogs that currently has Crown in disarray, the company’s longer-term appeal to suitors is clear. It owns the sole licensed casinos in Melbourne and Perth, the respective state capitals of Victoria and Western Australia, and a brand new A$2.2 billion resort on Sydney’s waterfront. While Covid-19 restrictions and border closures have dented profit during the pandemic, earnings are expected to bounce back next year.Two ChoicesThe competing proposals also offer Crown’s largest shareholder, billionaire James Packer, differing paths forward after he failed at least twice to sell his stake.Packer, whose influence on Crown was criticized in the regulatory report in February, has increasingly stepped back from corporate life to fight a mental health battle. The Blackstone bid would give him a potential clean break. Star’s proposal offers the billionaire the chance to swap at least some of his 37% stake in Crown for a smaller share in the merged entity.Last month, another exit path from Crown emerged for Packer when Oaktree Capital Management LP offered to help Crown purchase the billionaire’s shares.Packer Gets Crown Exit Path With $2.3 Billion Oaktree OfferShares of Star leaped 7.7% to A$4.21 at the close in Sydney. Crown jumped 7.3% to A$13, valuing the Melbourne-based company at A$8.8 billion.The board of Crown, with the outcome of the Perth and Melbourne inquiries hanging over the company, must now weigh up the instant reward of Blackstone’s cash offer with the potential long-term benefits of a union with Star.Crown Holders Spoilt For Choice After Wild Monday: M&A SnapshotZero PremiumStar announced a nil-premium offer of 2.68 of its shares for each Crown share -- the equivalent of A$10.48 a share based on Star’s closing price Friday. Star’s bid also includes a cash alternative of A$12.50 per share for as much as 25% of Crown’s issued shares. Assuming the cash component is fully taken up, the offer equates to a value of A$7.44 billion, according to Bloomberg calculations.That’s way below Crown’s market value. But once savings and benefits from the merger are included, Star said its proposal implies a potential value of A$14 per Crown share.“There is no premium built into their offer, with the only incentive being that they hope that 1+1 will equal 2.5,” said Ben Lee, Macau-based managing partner at gaming consultancy IGamiX. “Star is desperate to prevent someone else from taking over its one and only competitor.”Star said it can deliver between A$150 million and A$200 million in annual cost savings from areas such as head office, marketing and technology, that would have a combined net value of A$2 billion.Star’s proposal “creates a long-term opportunity for the capital market which would not exist if Crown gets bought by an American private equity firm,” Star Chief Executive Officer Matt Bekier said in an interview. “We think we can pull this off with relatively low risk.”Star also plans a sale and leaseback of the enlarged group’s property portfolio. According to a Star presentation detailing the company’s proposal, the combined group’s key casino properties could sit in an unlisted fund that’s half-owned by institutional wholesale investors.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Crown Resorts has competing bids from Blackstone, Oaktree Capital and Australia's second-largest casino company, Star.
SYDNEY (Reuters) -Australian casino operator Star Entertainment Group on Monday proposed an all-stock buyout of larger rival Crown Resorts Ltd that it valued at A$9 billion ($7 billion), taking on two private equity giants for control of the troubled company. Three months after Crown was declared unfit for a gambling licence at its new Sydney resort tower, Star said the share-swap takeover approach would create "one of the largest and most attractive integrated resort operators in the Asia Pacific region". The move presents Crown shareholders with a third option after buyout giant Blackstone Group earlier upped its all-cash indicative bid to A$8.4 billion, while Oaktree Capital Group has proposed to bankroll a A$3 billion buyback of Crown's founder's stake, removing a regulatory concern.
Australian casino company Star Entertainment Group has proposed a merger with under pressure rival Crown Resorts, setting up a bidding war with US private equity investor Blackstone. Star said on Monday its all-stock offer for Crown would create a A$12bn (US$9.4bn) entertainment and tourism business listed on the Australian stock exchange and unlock up to A$200m in annual savings for the combined group. The proposal from Star was announced minutes after Crown disclosed that Blackstone had boosted its takeover offer by 50 cents per share to A$12.35 per share, making it a potential A$8.3bn transaction.
09 May, 2021
Australian casino operator Star Entertainment Group on Monday proposed an all-stock buyout of larger rival Crown Resorts Ltd that it valued at A$9 billion ($7 billion), taking on two private equity giants for control of the troubled company. Three months after Crown was declared unfit for a gambling licence at its new Sydney resort tower, Star said the share-swap takeover approach would create "one of the largest and most attractive integrated resort operators in the Asia Pacific region". The move presents Crown shareholders with a third option after buyout giant Blackstone Group earlier upped its all-cash indicative bid to A$8.4 billion, while Oaktree Capital Group has proposed to bankroll a A$3 billion buyback of Crown's founder's stake, removing a regulatory concern.
19 Apr, 2021
(Bloomberg) -- James Packer has a potential new exit path from troubled casino operator Crown Resorts Ltd. after Oaktree Capital Management LP offered to help Crown fund a purchase of the billionaire’s shares.Oaktree has offered as much as A$3 billion ($2.3 billion) in financing for the deal through a “structured investment,” Crown said Monday. According to the proposal, Crown would use the funds to buy some or all of Packer’s 37% stake in Crown.Removing Packer from Crown’s shareholder registry might go some way toward rehabilitating the company as regulators across Australia assess its suitability to run casinos. A report for the gaming watchdog in New South Wales state in February found widespread management and cultural failings at Crown and said Packer’s influence had “rather disastrous consequences for the company.”Crown hasn’t been allowed to start gaming operations at its new A$2.2 billion Sydney casino resort.Read more: Packer’s Casino Dream Dashed as Crown Seen Unfit for License Crown said it will assess Oaktree’s offer. Packer’s Crown shares are held by his private investment company, Consolidated Press Holdings Pty.It’s not clear whether Oaktree -- an alternative investment manager that focuses on credit strategies -- plans to invest directly in Crown or just finance a buyback of Packer’s stock. But the U.S. firm’s offer puts the billionaire’s cornerstone stake at the center of a bidding war. Blackstone Group Inc., which owns 10% of Crown, last month offered to buy the rest of the company in an A$8.02 billion deal.Crown shares rose 0.7% to A$12 at the close in Sydney, valuing the company at about A$8.1 billion. Blackstone has offered A$11.85 a share in cash for Crown stock.Oaktree’s offer is a possible quick fix for Crown before independent inquiries into the company’s fitness to operate casinos in Perth and Melbourne deliver verdicts this year.Buying Packer’s stake would solve some of the conflicts of interest identified in the report for the New South Wales regulator -- without ceding control of the entire company. Blackstone also needs to wait for permission from regulators to own and operate Crown’s casinos.Packer has already distanced himself from Crown since the explosive report in February, and his board nominees have quit Crown’s board. Last week, the New South Wales gaming regulator said Packer has also agreed not to strike information-sharing arrangements with Crown or start discussions with the company other than through public forums.Read more: Blackstone Doubles Down on Hospitality in $6.2 Billion Crown BidA representative for Consolidated Press declined to comment on Oaktree’s proposal. Oaktree declined to comment when asked whether the firm planned to own a stake in Crown.Packer, who has stepped back from Crown and corporate life to fight a mental-health battle, has previously failed at least twice to find a suitor.Wynn Resorts Ltd. in early 2019 abruptly ended talks to buy Crown for about A$10 billion, just a few hours after the discussions leaked to the media. Last year, Melco Resorts & Entertainment Ltd. scrapped a deal to buy 20% of Crown from Packer.(Adds no comment from Oaktree in 11th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
SYDNEY (Reuters) -Oaktree Capital Group has proposed funding a A$3 billion ($2.3 billion) buyback by Australia's Crown Resorts Ltd of its founder's stake, setting up a clash with rival Blackstone Group for the troubled casino firm's future. Private equity giant Oaktree's offer of a "structured instrument" to help Crown buy back James Packer's 37% stake comes just a month after Blackstone lobbed an A$8 billion full takeover offer. Crown did not specify what Oaktree would receive under its proposal, which it said it was considering, along with Blackstone's offer.
18 Apr, 2021
Oaktree Capital Group has proposed funding a A$3 billion ($2.3 billion) buyback by Australia's Crown Resorts Ltd of its founder's stake, setting up a clash with rival Blackstone Group for the troubled casino firm's future. Private equity giant Oaktree's offer of a "structured instrument" to help Crown buy back James Packer's 37% stake comes just a month after Blackstone lobbed an A$8 billion full takeover offer. Crown did not specify what Oaktree would receive under its proposal, which it said it was considering, along with Blackstone's offer.
16 Apr, 2021
Crown Resorts said on Friday the New South Wales gaming regulator has reached an agreement with billionaire founder James Packer which will limit his influence in almost all matters regarding the casino giant. Under the arrangement with the NSW Independent Liquor and Gaming Authority (ILGA), Packer cannot demand any information or initiate any discussions with Crown regarding its operations and cannot nominate a director to its board before October 2024. Packer holds a 37% stake in Crown through Consolidated Press Holdings.
13 Apr, 2021
Australian casino operator Crown Resorts Ltd said private equity giant Blackstone Group Inc modified the conditions of a proposed $6 billion buyout, saying the target must not lose further state licences before the deal is approved. Crown has already been found to be unfit to hold a gambling licence for its Sydney casino due to alleged links to organised crime, and faces quasi-judicial public inquiries into its operations in Victoria and Western Australia (WA), the two other states where it operates. Last month, the U.S. buyout specialist, which already owns 10% of Crown, offered to buy the Crown shares it does not already own for A$11.85 each, valuing the Australian company at A$8 billion ($6.1 billion).
Crown has already been found to be unfit to hold a gambling licence for its Sydney casino due to alleged links to organised crime, and faces quasi-judicial public inquiries into its operations in Victoria and Western Australia (WA), the two other states where it operates. Last month, the U.S. buyout specialist, which already owns 10% of Crown, offered to buy the Crown shares it does not already own for A$11.85 each, valuing the Australian company at A$8 billion ($6.1 billion). The modified conditions safeguard Blackstone against an adverse recommendation like the cancellation or suspension of its WA or Victorian licences by either inquiry before the deal is approved by courts, Crown said in a statement on Tuesday.
06 Apr, 2021
Billionaire James Packer's Consolidated Press Holdings (CPH) said on Tuesday it was open to considering private equity firm Blackstone Group Inc's A$8.02 billion ($6.13 billion) proposal to buy Australian casino operator Crown Resorts Ltd. Blackstone in March had proposed to buy Crown Resorts in a deal valuing the troubled casino operator at $6.2 billion, a markdown from its value a year ago but a possible reprieve from regulatory pressure. Top shareholder Packer has been heavily criticized over his alleged influence over Crown despite quitting the board in 2018, with an enquiry by a state asking for a resolution on the ownership before allowing the company to hold a casino license in New South Wales.
22 Mar, 2021
Despite a damning report that Crown shouldn't get a license for a new casino in Sydney, BX wants to buy them for A$8 billion.
US private equity firm Blackstone Group has made a takeover offer to acquire the struggling Australia-based casino operator, Crown Resorts Limited, for an indicative price of A$11.85 cash per share. Blackstone’s (BX) offer price reflects a 19% premium to the casino operator’s average stock price since its first-half 2021 results were reported on Feb. 18. Notably, Blackstone already owns a 9.99% stake in Crown which it acquired through Melco Resorts & Entertainment Limited in April 2020. Per the terms of the deal, the indicative offer price will be reduced by the amount of any dividend declared or paid by Crown. The casino operator said that it is assessing the offer. Last week, Blackstone announced that it has agreed to buy European environmental service company DESOTEC through its private equity funds. DESOTEC engages in developing, producing, and supplying mobile purification solutions based on activated carbon technology, enabling clean water, air, and soil. (See Blackstone stock analysis on TipRanks) Jürgen Pinker, Blackstone’s Senior Managing Director said, “We are proud to invest in an innovative, mission-driven environmental leader like DESOTEC. The company is a perfect fit for our core private equity strategy, which seeks to identify exceptionally high-quality businesses with strong tailwinds at their backs and support them for the long term.” On March 18, Oppenheimer analyst Christopher Kotowski downgraded Blackstone to Hold from Buy and rescinded the price target stating that the stock trades above his previous price target of $71. In a note to investors, Kotowski wrote, “We stress that there is no fundamental change in our estimates or outlook. We continue to view the company as a solid growth story and appropriate for long-term growth-oriented investors not sensitive to valuation.” Turning now to the rest of the Wall Street community, Blackstone has a Moderate Buy consensus rating based on 7 Buys and 4 Holds. The average analyst price target of $72.40 implies that the stock is fully priced at current levels. Shares have rallied 72.6% in one year. Related News: Blackstone To Snap Up Environmental Services Company DESOTEC Arch Capital To Snap Up Westpac Lenders Mortgage Insurance Black Knight Expands Offerings With Acquisition Of Mortgage Broker LOS More recent articles from Smarter Analyst: Kiniksa Wins FDA Nod For ARCALYST Injection therapy; Shares Pop After-Hours LivePerson And Medallia Partner On Experience Management AI Westport Fuel Systems Inks Agreement To Increase Production Capacity In China 3D Systems Collaborates With Huntington Ingalls To Develop New Alloys
21 Mar, 2021
Blackstone Group Inc proposed a buyout of Australia's Crown Resorts Ltd in a deal valuing the casino operator at $6.2 billion, a markdown from the troubled company's value a year ago but a possible reprieve from regulatory pressure. Crown shares leapt more than 20% after it disclosed the informal offer on Monday, passing Blackstone's indicative price of A$11.85 as investors wagered a bigger payment could be in the offing from the world's No. 1 private equity firm or another suitor. "It's nice to get a bid, and now it's about price discovery," said John Ayoub, a portfolio manager at Wilson Asset Management, which has Crown shares.
Blackstone Group Inc proposed a buyout of Australia's Crown Resorts Ltd in a deal valuing the casino operator at $6.2 billion, a markdown from the troubled company's value a year ago but a possible reprieve from regulatory pressure. Crown shares leapt more than 20% after it disclosed the informal offer on Monday, passing Blackstone's indicative price of A$11.85 as investors wagered a bigger payment could be in the offing from the world's No. 1 private equity firm or another suitor.
05 Mar, 2021
Western Australia upgraded an inquiry into Crown Resorts Ltd to a high-powered Royal Commission on Friday, saying it needed to ensure there were sufficient legal protections to investigate the casino operator. The move means the company, one-third owned by billionaire James Packer, will face Royal Commissions in two Australian states simultaneously, just as it seeks to rebuild its management following a separate inquiry that saw its CEO and a host of directors leave in the past month. An inquiry into Crown's plans to open a new casino in Sydney last month found it was unfit to hold a gambling licence due to allegations it dealt with tour operators linked to organised crime, failed to protect staff jailed in China for breaking that country's anti-gambling laws, and had "dysfunctional" leadership dominated by Packer.
28 Feb, 2021
Poynton's departure is the latest in a string of executive exits at the casino operator that is one-third owned by billionaire Packer, after an inquiry accused it of money laundering and governance issues. The representative of Packer's private company had been on Crown's board since 2018. After a regulator rebuked Packer's control over the board, Poynton said last month he was ending his arrangement with Packer and would stay as an independent director.

CWN Dividend Payments

EX-Date Dividend Amount
2010-04-01$0.1080
2010-09-27$0.1140
2011-03-28$0.0720
2011-09-26$0.0950
2012-03-26$0.0900
2012-09-24$0.0950
2013-03-22$0.0900
2013-09-23$0.0950
2014-03-24$0.0900
2014-09-24$0.0950
2015-03-25$0.0900
2015-09-23$0.0950
2016-03-22$0.1650
2016-09-22$0.2765
2017-03-01$0.3320
2017-09-21$0.1800
2018-03-20$0.1800
2018-09-20$0.1200
2019-03-20$0.1800
2019-09-19$0.0750
2020-03-19$0.3000

CWN Dividends (last 11 Years)