Crown's Portfolio Restructuring and China Practices Make Winning a Japan Gaming Licence Unlikely

Australian Credit: Keeping Track of Crown Resorts

Australian Reporting Season: AGL Energy, Crown Resorts, Mirvac Group & Suncorp

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Equity Bottom-Up

<ul><li class="p1">We see the reduced exposure to Melco Crown as a positive as it reduces exposure to the volatile Macau gaming market and an uncertainty around Chinese policies towards gaming.</li><li class="p1">Side benefits include a more conservative outlook due to lower gearing and development risk.</li></ul><p class="p1"><em>Analyst: Ravi Reddy</em></p>

We see the reduced exposure to Melco Crown as a positive as it reduces exposure to the volatile Macau gaming market and an uncertainty around Chinese policies towards gaming.Side benefits include a more conservative outlook due to lower gearing and development risk.Analyst: Ravi Reddy

Crown Resorts Sells Down More of Its Melco Crown Stake; FVE Unchanged