We believe at this point while hard to do, its important to look through the media hype and focus on probable outcome.
- It is likely that Crown will retain its Melbourne operating license under new management and board with stricter conditions
- Crown has a large amount of property sales to settle this year reducing debt
- The hybrids are expensive capital that Crown will likely refinance
- A takeover in some form remains the likely outcome which would ultimately see the hybrid notes refinanced
MM will continue to hold our 4% position in CWNHB
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