James Packer casinos face ‘challenging’ environment
Raising the concerns, Deutsche Bank analyst Mark Wilson also highlighted that he expects the NSW planning assessment commission to make its decision on Mr Packer’s controversial $2 billion Barangaroo casino resort this month.
Mr Wilson has maintained his “hold” rating on Crown Resorts (CWN), in which Mr Packer holds a 53 percent interest, but said the company was trading at a 16 percent discount to the investment bank’s valuation.
““We expect the Australian casinos will continue to be impacted by higher VIP marketing costs given the increased competition in this segment of the market, saidDeutsche Bank analyst Mark Wilson
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The investment bank reduced its earnings forecasts by 3 percent to 6 per cent to reflect lower earnings from the Australian casinos and Crown’s Macau interest Melco Crown.
“Crown’s Australian casinos are operating in a more challenging environment with Crown Melbourne cycling a strong comp and Crown Perth impacted by a deteriorating economy,” he said in a client note.
“We expect the Australian casinos will continue to be impacted by higher VIP marketing costs given the increased competition in this segment of the market.”
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