CWN Share Price History
23 Jul, 2020
Publishing and Broadcasting (Finance) Limited -- Moody's announces completion of a periodic review of ratings of Crown Resorts Limited
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Crown Resorts Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.
14 Jul, 2020
Melco Resorts Finance Limited -- Moody's assigns Ba2 to Melco Resorts Finance's proposed notes; outlook negative
Moody's Investors Service has assigned a Ba2 rating to the proposed senior unsecured USD notes to be issued by Melco Resorts Finance Limited (MRF, Ba2 negative). "The Ba2 rating reflects the established operations and high-quality assets of the group under the parent Melco Resorts & Entertainment Limited (MRE), which counterbalance the group's geographic concentration in Macao SAR's gaming market," says Sean Hwang, a Moody's Analyst.
25 May, 2020
Rating Action: Moody's confirms Melco group companies' ratings; outlook negative. Global Credit Research- 25 May 2020. Hong Kong, May 25, 2020-- Moody's Investors Service has confirmed the ratings of Melco ...
01 May, 2020
Light on debt and cash rich, Macau's Galaxy Entertainment is bleeding $3 million daily in operating cost as the coronavirus crisis upends its casino business. Having enjoyed robust earnings growth in recent years, thanks to insatiable gaming demand from mainland Chinese, the balance sheets of Macau's casino operators stand tall over those in Las Vegas, which are saddled with much higher debt. A Reuters calculation shows the Macau casino operators came into 2020 with a cumulative cash position of just over $12 billion, providing a solid buffer to tide over the lean times.
29 Apr, 2020
Blackstone Group Inc. (NYSE: BX), a private equity company, has purchased a 10% stake in Australia based casino operator Crown Resorts, leading to a sharp spike in Crown's shares.What Happened Blackstone acquired the stake from Macau based Melco Resorts & Entertainment Ltd. (NASDAQ: MLCO) sending shares of Crown Resorts Ltd. (OTC: CWLDF) soaring on hopes of a buyout. After the sale was completed, Melco exited its positions in Crown, in line with casino companies globally who are reigning in spending to mitigate the fallout from the coronavirus shutdowns, reported Reuters.Blackstone has emerged as a large shareholder in Crown, second-only to its billionaire founder James Packer. Speculation is rife that Blackstone, with its $570 billion assets under management, could buy more or even all of Crown Resorts. Packer's earlier bid to sell 37% of his stake to Melco was stymied by regulatory hurdles.Why It Matters Blackstone picked up 67.7 million shares from Melco at $5.33 each, putting the value of the transaction at $359.04 million.Crown's shares have fallen 21% since February 20 when restrictions on movement were mandated, severely impacting industries in public entertainment and tourism, according to Reuters.James McGlew, executive director of corporate stockbroking at Argonaut, told Reuters, "The sale has certainly stoked the fire of perceived corporate activity in Crown." He believes that COVID-19 has so weakened the casino and resort sector, its constituents are now easier to "track" as is prey in big game hunting.Price Action Crown Resorts OTC shares rose 30.43% at $6, the company's shares closed 11.6% higher at $6.25 on Tuesday in Sydney.Blackstone shares traded 0.37% higher at $51.59 in the after-hours session on Tuesday. The shares had closed the regular session 0.019% higher at $51.40.See more from Benzinga * Netflix Working On 'Social Distance,' A New Show From The Maker Of 'Orange Is The New Black' * Tesla Vehicles Will Now Recognize Traffic Lights And Stop Signs With Updated Software * Gates Foundation Entire Focus Now On Fighting COVID-19: Barron's(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Private equity company Blackstone Group Inc bought a near 10% stake in Australian casino operator Crown Resorts Ltd from Macau's Melco Resorts & Entertainment Ltd, sending Crown shares soaring amid hopes of a buyout. The deal accomplishes Melco's plan to exit its Crown holdings as casino companies around the world rein in spending to cope with a shutdown to slow the spread of the coronavirus. Blackstone's purchase makes the private equity investor the second-largest holder in Crown after the company's billionaire founder James Packer.
Australia's Crown Resorts Ltd said on Wednesday that U.S. private equity firm Blackstone Group Inc had bought some of its shares from Macau casino operator Melco Resorts & Entertainment Ltd. Crown said an entity controlled by Blackstone had bought about 67.7 million of its shares from Melco, which in February had shelved a bid to raise its holding in the Australian firm due to a plunge in traveller numbers. The stake that changed hands represented about 9.99% of the issued capital of Crown, it said.
28 Apr, 2020
Publishing and Broadcasting (Finance) Limited -- Moody's confirms Crown Resort's Baa2 ratings, outlook negative
Moody's Investors Service has confirmed the Baa2 issuer rating of Crown Resorts Limited ("Crown"). Today's rating action concludes the review with possible downgrade that was initiated on the ratings of Crown Resorts Limited and Publishing and Broadcasting (Finance) Limited on 25 March 2020. In addition, Crown has agreed terms with three relationship banks in respect of a $450 million project finance facility to support the continuation of the construction of Crown Sydney.
16 Apr, 2020
Crown Resorts Ltd, the country's biggest, said it secured A$1.01 billion ($634.38 million) in debt funding and that 95% of its employees have now been laid off either temporarily or permanently. Casino operators are among the businesses worst hit by Australia's measures to contain the spread of the coronavirus, which include shuttering of casinos and severe restrictions on movement of people. New Zealand's SkyCity Entertainment Group has also temporarily laid off most of its staff in Australia.
02 Apr, 2020
The vast, glitzy gaming halls of Macau are open, but thousands of baccarat tables are empty. In Las Vegas, the casinos have been forced to close in order to prevent the spread of the disease. The same has happened in Australia, South Korea, the Philippines and Cambodia.
25 Mar, 2020
Publishing and Broadcasting (Finance) Limited -- Moody's places Crown Resort's ratings on review for downgrade
Moody's Investors Service has placed on review for downgrade the Baa2 issuer rating of Crown Resorts Limited ("Crown"). At the same time, Moody's has also placed on review for downgrade: (1) the (P)Baa2 backed senior unsecured medium-term note (MTN) programme rating of Crown Group Finance Limited; and (2) the (P)Baa2 backed senior unsecured MTN programme rating and (P)P-2 other short-term rating of Publishing and Broadcasting (Finance) Limited. Moody's has changed the outlook on all ratings to ratings under review from stable.
21 Mar, 2020
Australian officials closed Sydney's iconic Bondi Beach on Saturday after thousands of people flocked there in recent days, defying social distancing orders to prevent the spread of the coronavirus, amid an unusually warm autumn spell. Health Minister Greg Hunt said the crowds on the country's most famous strip of sand were "unacceptable" as he reported the number of infections across Australia had risen to 874. New South Wales state police minister David Elliott announced Bondi's closure, warning "this is going to become the new norm" if people did not comply with regulations that prohibit more than 500 people gathering at a non-essential event.
20 Mar, 2020
By CorpGov Staff The previously-unknown coronavirus, officially known as COVID-19, has made its way around the world since it was discovered in Wuhan, China late last year. The spread of the disease has moved at an alarming rate with an ever-increasing number of infections and deaths. Secondarily, it has also adversely impacted almost all industries, […]
16 Mar, 2020
SEOUL/SHANGHAI, March 16 (Reuters) - Apple is taking the temperature of customers at its China stores, Australian grocer Woolworths is providing dedicated shopping hours for the elderly and Samsung will use thermal imaging to vet shareholders at its annual meeting. Companies across Asia are taking novel and sometimes drastic steps to implement "social distancing" measures to try slow the spread of the coronavirus, which has infected more than 170,00 globally and killed more than 6,500. Australian casino operators, and rivals, Crown Resorts and Star Entertainment announced plans to take half their electronic gaming machines and table offline to ensure their customers got some space.
15 Mar, 2020
26 Feb, 2020
Half Year 2020 Crown Resorts Ltd Earnings Call
11 Feb, 2020
The following are the top stories on the business pages of British newspapers. - The troubled FTSE 100 private hospitals group NMC Health said that its co-chairman Bavaguthu Raghuram Shetty and his advisers were in the process of a legal review to verify his total interests in the company along with those of associated family members and family holding companies. - In the first official confirmation that the government is going to impose trade barriers post-Brexit, senior British minister Michael Gove has told businesses that trade with Europe they need to prepare for "significant change" with "inevitable" border checks for "almost everybody" who imports from the EU from next year.
06 Feb, 2020
Melco Resorts & Entertainment Ltd said on Thursday it has shelved plans to raise its stake in Australia's Crown Resorts Ltd as the coronavirus outbreak in China forces the casino operator to rethink its non-core investments. The U.S.-listed casino operator said it would not go ahead with the second tranche of a planned purchase of about 20% of Crown from casino mogul James Packer for a total of A$1.76 billion ($1.19 billion). Melco, which currently holds 9.99% in Crown Resorts, also abandoned plans for a seat on Crown's board.
29 Jan, 2020
Hong Kong casino operator Melco Resorts & Entertainment Ltd is cooperating with Japanese prosecutors in a widening bribery investigation of a senior Japanese ruling party lawmaker, a source said on Wednesday. "Tokyo prosecutors sent Melco a letter and visited the office on Jan 17 after receiving no reply," said the source, who was briefed on the matter. Melco's office was empty that day, but it is now cooperating with investigators, he said.