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Equity Bottom-Up

<ul><li>Lost amidst the sea of pessimism on Crown Resorts' exposure to Macau (via 34.3% ownership of Melco Crown) is the continuing resilience of its casinos in Australia.</li><li>As such, we view the annual general meeting trading update on the domestic assets as timely.</li><li>The 10% year-on-year lift in main floor gaming revenue from 1 July to 18 October is strong.</li><li>We believe most of the growth is coming from Crown Melbourne, particularly driven by benefits from the 5% increase in electronic gaming machines from February 2015.</li><li>Combined with the quality of the property, Crown Melbourne's share gain in the pokies market appears to be continuing at the expense of local pubs and clubs.</li><li>Another Insight Provider on the Smartkarma platform, <a href="http://www.smartkarma.com/insight_providers/43" target="_blank">Charles Nave</a> has also published on this, <a href="http://www.smartkarma.com/insights/crown-resorts-cwn-au-setup-australia-holds-firm-whilst-macau-continues-to-slip" target="_blank">looking at Crown from the perspective of the holding company structure</a>.</li></ul>Analyst: Brian HanPlease login for access to the full report...

Lost amidst the sea of pessimism on Crown Resorts' exposure to Macau (via 34.3% ownership of Melco Crown) is the continuing resilience of its casinos in Australia.As such, we view the annual general meeting trading update on the domestic assets as timely.The 10% year-on-year lift in main floor gaming revenue from 1 July to 18 October is strong.We believe most of the growth is coming from Crown Melbourne, particularly driven by benefits from the 5% increase in electronic gaming machines from February 2015.Combined with the quality of the property, Crown Melbourne's share gain in the pokies market appears to be continuing at the expense of local pubs and clubs.Another Insight Provider on the Smartkarma platform, Charles Nave has also published on this, looking at Crown from the perspective of the holding company structure.Analyst: Brian HanPlease login for access to the full report...

Crown Resorts' Australian Casinos Continuing to Show Resilience

Global Special Situations

Charles Nave

Event-Driven

Poor conditions in Macau have hit the Crown Resorts share price by quite a large degree with the stock down 33% to $10.12 (from February highs of $15.40).However, stripping out Macau and the stake in Melco-Crown Entertainment, we are left with a very high quality,&nbsp;stable earnings stream led by Melbourne and Perth (who are&nbsp;adding a substantial number of rooms and facilities with the addition of Crown Towers Perth) -&nbsp;set to open towards the end of 2016.Sydney and Las Vegas are also in the pipeline. &nbsp;Both have their unique challenges, yet I believe these are likely to be overcome and will help bolster the core business and long term prospects of the parent company.

Poor conditions in Macau have hit the Crown Resorts share price by quite a large degree with the stock down 33% to $10.12 (from February highs of $15.40).However, stripping out Macau and the stake in Melco-Crown Entertainment, we are left with a very high quality,&nbsp;stable earnings stream led by Melbourne and Perth (who are&nbsp;adding a substantial number of rooms and facilities with the addition of Crown Towers Perth) -&nbsp;set to open towards the end of 2016.Sydney and Las Vegas are also in the pipeline. &nbsp;Both have their unique challenges, yet I believe these are likely to be overcome and will help bolster the core business and long term prospects of the parent company.

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

New Zealand

SKYCITY Entertainment Group Ltd. provides gaming and casino services. The Company offers various casinos accompanied with various bars, hotels, restaurants, and convention centers. SKYCITY Entertainment Group offers services in Australia and New Zealand.

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Skycity Entertainment (SKC NZ)

Crown Resorts' Australian Casinos Continuing to Show Resilience

Lost amidst the sea of pessimism on Crown Resorts' exposure to Macau (via 34.3% ownership of Melco Crown) is the continuing resilience of its...

Morningstar, Inc.

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

Poor conditions in Macau have hit the Crown Resorts share price by quite a large degree with the stock down 33% to $10.12 (from February highs of...

Charles Nave

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52-week Range

Market Cap (USDm)

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