Ord Minnett described Crown Resorts' Perth operations as delivering a mixed performance since reopening, following the company's trading update. While main floor gaming revenue was down -9% in the region, non-gaming revenue increased 34%.
The broker reduces its estimated main floor gaming revenue decline to -12% from -14% for the first half, and non-gaming revenue growth increases to 8%, previously flat. The company has also indicated an increase in full-year corporate costs to -$130m.
The Buy rating and target price of $15.00 are retained.
Sector: Consumer Services.
Target price is $15.00.Current Price is $9.63. Difference: $5.37 - (brackets indicate current price is over target). If CWN meets the Ord Minnett target it will return approximately 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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