CWN +8.70%: The embattled casino & property company was thrown a life line today retaining their Victorian casino licence under a regime of strict conditions. While it’s clearly a positive, the conditions will be tough and the impact on earnings is hard to quantify at this stage. We estimate that Crown’s property portfolio has a value of ~$8.00-$8.50 and the Casino is now worth ~$6.00 in our view making it around ~40% cheap. Star Entertainment (SGR) also rallied ~5% on the news. Given the remediation required across Crown & Star following recent revelations, a tie up to reduce the increased cost of compliance would make total sense.
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PULSE CHECK WEBINAR: Portfolio positioning towards FY26
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Thursday 5th June – ASX -9pts, CU6, TYR, IPX
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Thursday 5th June – Dow -91pts, SPI off -1pt
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MM is bullish CWN
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