The broom is clearly going through Crown Resorts (CWN) at a rapid rate with director Andrew Demetriou resigning overnight – a must in our opinion to regain its NSW gaming licence. There remains Jamie Packers 35% stake in the business, once this overhang has gone, assuming it’s to a respected organisation (s) we envisage some healthy rewards for investors. We remain committed to our view that NSW ultimately does want to grant this licence with the small matter of $100m per annum revenue over the next few years missing from the state’s coffers front and centre in many politicians thinking!
We’ve seen some strong insto buying in CWN in the last few days which is a positive sign.
MM remains bullish CWN looking for ~25% upside
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