Take On China Inc. At Your Peril, page-209

First 209 Last

Share
Profile

Follow
usc75

4,056 Posts.

33

22/02/17

10:42

Post #: 22803725
Share

Originally posted by Smugtown ↑

We received a trading update a couple of months ago when CWN outlined their major initiatives to enhance shareholder value. Not expecting too much to have changed over the last couple of months... we already know the sale of Melco Crown Entertainment shares has completed so we know in Q2 of the calendar year CWN will pay off debt, refund a special dividend and start a buy-back.
We also know since that mid-dec update that the Queensbridge Hotel Tower received planning approval.

Here was the trading update released to market on Dec 15 in conjunction with the new srategic initiatives for those interested:

In the context of the significant nature of these announcements and given the close proximity to the end of the first half of FY17, Crown Resorts has elected to provide a trading update as follows:
• VIP program play turnover for the Company’s Australian resorts for the 23 week period was below the pcp by approximately 45%. However, the first three months of the pcp experienced extremely strong VIP activity which is reflected in this pcp comparison;
• Main gaming floor revenue (Australian resorts combined) was flat compared with the pcp with modest revenue growth in Melbourne offset by softness in Perth;
• Non-gaming revenue (Australian resorts combined) increased by 4% on the pcp; and
• Total revenue (at theoretical) across the Company’s Australian resorts declined by approximately 12%. The year on year decline was due to the reduction in VIP program play revenue during this period.

Expand

Thanks for summary. Telling areas are Down, Down, Down...

IMO, expect a disastrous result for 1st HFY...

...with worse to come in 2nd HFY as there's no sign of China releasing Crown employees!

CWN Price at posting: $11.39 Sentiment: Sell Disclosure: Held
1 Upvote

0 Great analysis

Reply

Top Stories

ZNO

Zenith's sale of Develin Creek delivers $975K cash, with shares up 13%

ACW

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

The iron ore comeback: Can it last?

TI1

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

HAW

Hastings progressing Yangibana to production with lower costs