Crown Resorts (CWN AU):  Setup, Australia Holds Firm Whilst Macau Continues to Slip

Crown Resorts' Australian Casinos Continuing to Show Resilience

Crown Resorts Sells Down Stake in Melco Crown

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Equity Bottom-Up

<ul><li>We regard Crown Resorts as a unique company offering both a defensive earnings quality, and an attractive growth profile.</li><li>Its two Australian casinos have a proven track record of delivering resilient earnings, underpinned by long-term licences.</li><li>Each enjoys a privileged position as the sole casino operator in the relevant state and, as a result of consistent reinvestment throughout the years, has built up such a market position that it is likely to deter new entrants, even if authorities contemplate issuing further licences.</li><li>This is augmented by an attractive growth profile through its 34.3%-owned Melco Crown Entertainment, one of only six concession holders to operate casinos in Macau, the world's largest gaming market.</li><li>Further blue-sky potential is provided by an impressive pipeline of long-term projects, including Crown Sydney from 2020, and potential entry into other Asian markets longer term.</li></ul><p>Analyst: Brian Han</p><p>Full report below the fold...</p>

We regard Crown Resorts as a unique company offering both a defensive earnings quality, and an attractive growth profile.Its two Australian casinos have a proven track record of delivering resilient earnings, underpinned by long-term licences.Each enjoys a privileged position as the sole casino operator in the relevant state and, as a result of consistent reinvestment throughout the years, has built up such a market position that it is likely to deter new entrants, even if authorities contemplate issuing further licences.This is augmented by an attractive growth profile through its 34.3%-owned Melco Crown Entertainment, one of only six concession holders to operate casinos in Macau, the world's largest gaming market.Further blue-sky potential is provided by an impressive pipeline of long-term projects, including Crown Sydney from 2020, and potential entry into other Asian markets longer term.Analyst: Brian HanFull report below the fold...

마카오 계열사 파급 효과로 크라운 리조트의 적정 가치 추정치 하향 조정