Crown Resorts Ltd [ASX:CWN] has maintained its healthy increase rising by 0.22% this morning.
Primarily operating in Australia, Crown works across four segments: Crown Melbourne, Crown Perth, Crown Aspinall’s and Wagering & Online.
The Crown Melbourne resort holds up to 2,628 gaming machines and 540 gaming tables.
Their shares sell for $13.43 at time of writing.
Crown currently has a market cap of $9.251 billion and an enterprise value of $9.49 billion.
What has led to this increase?
Crown’s key Australian resorts grew their revenue across multiple sectors.
The VIP program in their Australian resorts made a huge turnover of $22.6 billion — a good result considering last year’s drama which involved the arrest of several Crown employees
Crown managed to sell its interests of Ellerston operations in Hunter Valley for a massive $62.5 million, which was carried out on 2 February 2018.
Crown has also entered into an agreement to sell 62% of its stake in CrownBet and all of its loans for a total of $150 million.
Crown has completed the foundations of their Crown Sydney Resort, which is on schedule.
The structure’s planned opening is in 2021 and Crown has already begun to sell some of its apartments there.
One Queensbridge is a new six-star hotel and will ideally have a total of 388 hotel rooms and 700 apartments. However, the hotel is yet to be developed due to finance requirements and long-form agreements.
Crown’s focus in 2018 is to continue building a diverse portfolio across high quality business levels.
They seek to drive both short- and long-term revenue growth for Crown, as well as maintain a healthy transaction pipeline for the year.
Crown believes they are well positioned for revenue growth and return on equity while also increasing their quarterly dividend to shareholders.
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