FY21: The casino was out with results today that provided a good outline of the woes they’ve faced over the past 12 months thanks to lockdowns, lost revenue and Royal Commissions – can it get much worse? That’s ultimately the question for investors and today CWN did their best to paint a picture of better times ahead, that of course will be dictated by the regulatory outcomes of the Royal Commission that are now out of Crown’s control. For their part, they now have in place a credible management team and well respected Chair and the financial performance from their Perth Casino shows what can be achieved when the doors are open. While a crack at the pokies is not high on my list when the vale is lifted, I’m sure it is for many.
We remain long CWN in our Flagship Growth Portfolio
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