πŸ’° Australia's Crown Resorts Has Cushion to Manage Coronavirus Shutdown

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It's the most appropriate description of Crown Resorts' earnings prospects for the half-year to June Sure Crown hails its recent epiphany.


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Australian casino operator Crown Resorts Ltd said on Wednesday a the coronavirus will have a moderate impact on full-year earnings.


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It's the most appropriate description of Crown Resorts' earnings prospects for the half-year to June Sure Crown hails its recent epiphany.


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Australian casino operator Crown Resorts Ltd said on Wednesday a the coronavirus will have a moderate impact on full-year earnings.


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Crown Resorts' profit will be down by at least 40 per cent in , but an The casino giant, which last week had US investment giant.


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Casino giant Crown Resorts has warned the coronavirus outbreak has hit trading conditions as it reported a softer-than-expected interim profit. A soft opening is likely in December , before a formal launch in early


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Fitch Ratings-Sydney April Crown Resorts Limited's absorb the effect of the government shutdown of casinos in the country, says Fitch Ratings. This is despite the significant reduction in Crown's revenue, and high.


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Fitch Ratings-Sydney April Crown Resorts Limited's absorb the effect of the government shutdown of casinos in the country, says Fitch Ratings. This is despite the significant reduction in Crown's revenue, and high.


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Crown said its casinos in Melbourne and Perth were being hit by the VIP turnover was up in the first six weeks of compared to the same period Normalised net profit after tax - which strips out the impact of lucky or.


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Australian casino operator Crown Resorts Ltd said on Wednesday a the coronavirus will have a moderate impact on full-year earnings.


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Crown is still assessing the financial implications of the shutdown on the business, and has not announced the measures in intends to take to manage its business while the restrictions remain in effect. These actions may include standing down staff and a reduction in other overheads, as well as incurring lower gaming taxes which directly reflect the decline in gaming volumes. Furthermore, we believe that Crown could implement extraordinary measures, such as the suspension of its dividend, even though it has a fixed-dividend policy, to preserve cash and maintain the strength of its balance sheet. Importantly, Crown has no significant bond maturities before the financial year ending June FYE25 - although around AUD million in committed credit facilities mature within the next six months which Fitch expects Crown to be able to renew - manageable covenant risk, and available liquidity to meet operating expenses over the duration of the shutdowns. However, it continues to provide hotel accommodation on a reduced basis, including working with the Australian government to provide rooms to isolate arrivals into the country under current Australian regulations. Under this case, we have assumed that Crown does not declare a final dividend for FYE20 and interim dividend in FYE21 to preserve its liquidity without the need to raise additional debt, but that final dividends are resumed in FYE We then expect Crown to deleverage quickly from FYE22 as normal operations resume for the full-year and Crown Sydney commences operations in early {/INSERTKEYS}{/PARAGRAPH} Furthermore, the Australian government's announcement on 30 March that it will provide fortnightly payments to workers throughout the country that have been stood down may help Crown reduce its cash outflows quicker than previously envisaged as employees may use less of their annual leave entitlement - which Crown would need to fund - to substitute their lost wages. {PARAGRAPH}{INSERTKEYS}This is despite the significant reduction in Crown's revenue, and high capital expenditure over the remainder of as it completes its Crown Sydney property. Fitch expects Crown's leverage metric, FFO adjusted net leverage, to rise to 1. Fitch believes that the company will be able to reduce its cash outflows significantly over this period, given its highly variable cost structure - benefiting in particular from the ownership of its properties and rentals for the Melbourne land are minimal under the agreement with the Victorian government. Fitch expects Crown's ability to generate cash inflows from its operations to be severely restricted following the Australian government's decision to close casinos nationwide on 22 March as it seeks to slow the spread of coronavirus. However, we have assumed that Crown would utilise its available liquidity, including cash on hand and undrawn committed facilities, during this period to offset the reduction in cash inflows 1HFY AUD million and AUD million, respectively. This includes the effect of Crown's ability to reduce its variable costs in line with the decline in its operations; payment of its interim dividend; and continuing construction of Crown Sydney. Crown has now closed its entertainment venues in Melbourne and Perth, apart from the provision of takeaway meals at some of its restaurants, and has also closed Aspinalls, its VIP venue in London.