Crown

It’s been two years since we analysed casino operator Crown in Crown: Quality assets, questionable record from 25 Nov 09 (Hold – $7.85). While casinos are often considered to be wildly profitable businesses, Crown's half-year result suggested otherwise. Whilst Australian casino revenue increased 11% to $1.4bn, earnings before interest and tax only increased 3% to $280m. The industry is becoming increasingly competitive. The company also banked a $45m profit from its stakes in Melco and gambling website Betfair. The interim dividend of 18 cents was kept flat (franked to 50%, ex date 26 Mar) putting Crown on a yield of 4.2%....

It’s been two years since we analysed casino operator Crown in Crown: Quality assets, questionable record from 25 Nov 09 (Hold – $7.85). While casinos are often considered to be wildly profitable businesses, Crown's half-year result suggested otherwise. Whilst Australian casino revenue increased 11% to $1.4bn, earnings before interest and tax only increased 3% to $280m. The industry is becoming increasingly competitive. The company also banked a $45m profit from its stakes in Melco and gambling website Betfair. The interim dividend of 18 cents was kept flat (franked to 50%, ex date 26 Mar) putting Crown on a yield of 4.2%.

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