|Bid||12.18 x 0|
|Ask||12.20 x 0|
|Day's Range||12.15 - 12.26|
|52 Week Range||11.01 - 14.37|
|Beta (3Y Monthly)||0.93|
|PE Ratio (TTM)||20.68|
|Earnings Date||Feb 19, 2020|
|Forward Dividend & Yield||0.60 (4.92%)|
|1y Target Est||13.60|
Moody's Investors Service has assigned a Ba2 rating to the proposed senior unsecured US dollar notes to be issued by Melco Resorts Finance Limited (MRF, Ba2 stable). MRF plans to use the note proceeds to partially repay existing debt at its subsidiary Melco Resorts (Macau) Limited. "The Ba2 rating reflects the established operations and high-quality assets of the group under the parent Melco Resorts & Entertainment Limited (MRE), which support robust cash flow generation and good liquidity," says Sean Hwang, a Moody's Analyst.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Crown Resorts Limited and other ratings that are associated with the same analytical unit. "IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
** Germany's BASF said it agreed to sell its global pigments business to Japanese fine chemical company DIC for 1.15 billion euros ($1.28 billion) on a cash and debt-free basis. ** Apollo Global Management and Athene Holding said they would buy PK AirFinance, an aircraft lending business that is a part of GE Capital's aviation services unit for an undisclosed amount. ** Canadian tour operator Transat A.T. Inc said on Thursday that the Superior Court of Quebec had approved its sale to Air Canada in a C$720 million ($542.37 million) deal.
Australian businessman James Packer has frozen a A$1.2 billion ($810.48 million) partial sale of his casino company to Hong Kong's Melco Resorts & Entertainment pending an investigation into alleged criminal activity at its Australian operations. The delay is another setback for Australia's biggest casino operator, Crown Resorts, which has struggled to find stable footing since almost 20 of its staff were arrested in China in 2016 for breaching laws banning casino marketing. The company is now at risk of losing its licence to operate a casino in Sydney, following allegations aired last month by the Nine Network, the Sydney Morning Herald and the Melbourne Age newspaper that it had partnered with criminal syndicates to bring rich Chinese gamblers to Australia.
Australian businessman James Packer has frozen a A$1.2 billion ($810.48 million) partial sale of his casino company to Hong Kong's Melco Resorts & Entertainment pending an investigation into alleged criminal activity at its Australian operations. The delay is another setback for Australia's biggest casino operator, Crown Resorts, which has struggled to find stable footing since almost 20 of its staff were arrested in China in 2016 for breaching laws banning casino marketing.
Australian casino giant Crown Resorts Ltd said on Wednesday its annual profit fell on less gambling by Chinese tourists, and it again denied media reports alleging the company flouted visa rules that have triggered three regulatory probes. Crown is battling multiple headaches stemming from the world's biggest source of tourists. A spending slowdown in China has slashed turnover, while the allegations of inappropriate visa practices have brought regulatory scrutiny.
The Sydney-based firm reported a 5.4% jump in annual domestic core earnings, undeterred by a cooling economy and sluggish spending in Australia. In a separate statement, the casino operator said its Chief Financial Officer Chad Barton has resigned after the company undertook a reorganisation to consolidate its finance, strategy, investor relations and IT functions under the CFO role. Domestic revenue in the first half of fiscal 2020 "continues to reflect a cautious consumer environment," but has improved from the previous half, Star said.
An Australian gaming regulator had said a day earlier it will investigate Melco's planned $1.2 billion stake purchase in Crown Resorts following local media reports that Crown flouted rules to lure big Chinese gamblers to Australia. Shares of Australia's Crown Resorts fell as much as 2.3% on Friday to their lowest level in more than five months on news of the probe.
Melco Resorts & Entertainment said on Friday its CEO's father, who had been investigated by Australian authorities, was not involved in its business, as the gaming firm's $1.2 billion stake buy in peer Crown Resorts came under regulatory scrutiny. An Australian gaming regulator had said a day earlier it will investigate Melco's planned $1.2 billion stake purchase in Crown Resorts following local media reports that Crown flouted rules to lure big Chinese gamblers to Australia.
Australian casino giant Crown Resorts issued full-page newspaper ads on Thursday describing recent media reports that alleged it pressured officials to fast-track visas for Chinese gamblers as a "deceitful campaign". Following the reports by several news outlets, Attorney General Christian Porter said on Tuesday he had referred the allegations to an anti-corruption body that investigates federal agencies, since they related to government officials. Signatories included Crown Executive Chairman John Alexander, former finance department head Jane Halton, former communications minister Helen Coonan and Geoff Dixon, the former chief executive of Qantas Airways.
Since the weekend, media have said Crown hired travel agents with ties to drug traffickers to bring in the gamblers, knowingly allowed the gamblers to launder money at its casinos and pressured immigration officials to fast-track visas for high rollers. After the reports, Attorney General Christian Porter said he referred the accusations to the Australian Commission for Law Enforcement Integrity, an anti-corruption body that investigates federal agencies, since they related to government officials. In a open letter signed by its board, and circulated by the Australian Securities Exchange, Crown's directors said the company was being subjected to a deceitful campaign that had unfairly attempted to damage its reputation.
Australia has ordered an investigation into allegations immigration officials gave casino operator Crown Resorts preferential treatment by fast-tracking visas for Chinese gamblers, the attorney general said on Tuesday. The probe follows several media reports that claim Crown hired travel agents with ties to drug traffickers to bring Chinese gamblers into Australia, knowingly laundered money at its casinos and had Chinese gamblers' visas expedited.
Moody's Investors Service has affirmed Melco Resorts Finance Limited's (MRF) Ba2 corporate family rating as well as the Ba2 senior unsecured ratings on the company's $1 billion senior unsecured notes due 2025 and $500 million senior unsecured notes due 2026. "The rating affirmation mainly reflects the financial flexibility that the Melco group has to absorb future capital spending for the development of the Cyprus project," says Sean Hwang, a Moody's Analyst. "However, this development, together with the announced acquisition of a 19.99% stake in Crown Resorts, will materially reduce the group's financial headroom and is indicative of an increasing appetite for inorganic and organic growth," adds Hwang.
Moody's Investors Service says that Melco Resorts Finance Limited's (MRF) Ba2 corporate family and senior unsecured ratings are not immediately affected by the announcement on 30 May that its parent, Melco Resorts & Entertainment Limited (MRE), will acquire a 19.99% stake in Crown Resorts Limited (Baa2 stable) for AUD1.8 billion ($1.2 billion). "The acquisition of a 19.99% stake in Crown will significantly increase the Melco group's debt leverage, but the group's adequate financial flexibility and Crown's good credit quality mitigate this risk," says Sean Hwang, a Moody's Analyst. Moody's expects MRE will fund the majority of the stake purchase with additional debt, while also utilizing part of its internally generated cash and cash on hand, which amounted to $1.5 billion on a consolidated basis as of 31 March 2019.
An Australian regulator said it will review its approval for Crown Resorts' $1.5 billion casino being built in Sydney, after the gambling giant's founder James Packer sold nearly half his stake in the company to Hong Kong's Melco Resorts. The New South Wales gambling regulator had given its nod in 2014 to Crown's prized growth prospect on condition Crown would not do business with the father of Melco CEO Lawrence Ho, Stanley Ho, who at the time under investigation in Australia and the United States for possible ties to organised crime.