Sydney casino a jewel for Crown

-- | 21/12/2018

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Daniel Ragonese: It's been a pretty mixed year for Crown. So, we've seen a little bit of softness in the main floor for gaming, although we are continuing to see that recover in VIP following the challenging couple of years that they have had. Regardless, we think the outlook is quite positive them.

One of the things we really about the company is the Sydney casino and a positive outlook for that. So, Sydney is expected to come online by the start of fiscal 2022 and we think given that superior location, they have got a very strong track record, particularly in the VIP market. And with the premium focus we think they are very well-placed to take a large portion of Star's VIP and premium table market share and additional benefit coming through from the strong growth in inbound tourism, particularly from China, which is going to be a tailwind for at least the next decade.

This report appeared on 2019 Morningstar Australasia Pty Limited

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