Detention of Crown Employees in China Elevates Risks for All Australian and New Zealand Casinos

Melco (200 HK): Gambling Remains a High Roller in Asia

Crown Resorts' Australian Casinos Continuing to Show Resilience

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

Knock-on Impact from Macau Associate Leads to Fair Value Estimate Cut for Crown Resorts

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

<ul><li class="p1">Crown Resorts will reduce its stake in Melco Crown from 34.3% to 27.4% after agreeing to have approximately 51.7 million of its Melco Crown American Depository Shares bought back by Melco Crown for USD 15.50 per security.</li><li class="p1">The proceeds equate to USD 800 million, or AUD 1,067 million. We do not believe the selldown has anything to do with Crown's positive long-term view on Macau. Rather, it is likely due to reasons specific to Crown.</li></ul><p><em>Analyst: Ravi Reddy</em></p>

Crown Resorts will reduce its stake in Melco Crown from 34.3% to 27.4% after agreeing to have approximately 51.7 million of its Melco Crown American Depository Shares bought back by Melco Crown for USD 15.50 per security.The proceeds equate to USD 800 million, or AUD 1,067 million. We do not believe the selldown has anything to do with Crown's positive long-term view on Macau. Rather, it is likely due to reasons specific to Crown.Analyst: Ravi Reddy

Crown Resorts Sells Down Stake in Melco Crown