Crown has a lot to thank Macau for after it was revealed that the company lost value when you take away its assets in the Chinese gambling enclave. Sydney Morning Herald reports that if you take the value of their 33.4% stake in Melco Crown Entertainment out of the equation, things are looking a little less rosy. Melco Crown rakes in around $300m per month and a portion of that goes to Crown. It’s in stark contrast to Melbourne’s Crown Casino and Perth’s Burswood venue that are both contributors to their success but are now in an aged market.
The bad news earlier this month was that the Macau Studio City project won’t include a casino, according to planning experts in the enclave. Broker JP Morgan wasn’t perturbed by this and said last week that the price target for Crown stock had been lifted from $9.80 to $10.25.
Staying in Macau, a restaurant blast just a stone’s throw from Las Vegas Sands Corp’s casino injured 13 people. There were no fatalities as leaky gas canisters saw the ground floor restaurant suffer from the explosion.
According to Sindy Chong, chief inspector of the Macau Public Security Force, the blast took place at 7am in a residential near to the enclave’s main ferry terminal. We can just be thankful that it was early in the morning as if it was any later it there could have been many more injuries than the number mentioned earlier.
