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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Crown Resorts Ltd    CWN   AU000000CWN6

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Crown Resorts : China releases first Crown Resorts staff jailed for gambling crimes

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07/12/2017 | 11:29am CEST
FILE PHOTO - The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia

China released 10 employees of Australian casino operator Crown Resorts Ltd on Wednesday, the first of 16 who were detained in October and sentenced in June for illegally promoting gambling.

Nineteen employees were detained as Crown was trying to attract high-spending Chinese to its casinos outside of China, where gambling is illegal except in the territory of Macau. A court jailed 16 of the employees including three Australians for nine to 10 months, back-dated to their October detention.

The incident prompted Crown to shift focus to its home market. It had been a shareholder of Macau-focused Melco Resorts & Entertainment Ltd but sold its remaining stake for $1.16 billion in May.

On Wednesday, four employees, including Australian nationals Jerry Xuan and Jane Pan Dan, emerged from a Shanghai detention facility accompanied by family members and security officials, according to a Reuters reporter at the scene. They left immediately in cars without speaking to media.

Another six were released from a second facility in the city, said a man who identified himself as a lawyer for the families and who declined to give his name.

A relative of one defendant who was released told Reuters on condition of anonymity that "everything went OK."

"We want to see what the company does next ... and how it treats those involved," the relative said.

Crown's head of international VIP gambling, Jason O'Connor, would be released on Aug. 12 along with three other employees, the relative said citing a court copy of the verdict.

Australia's Department of Foreign Affairs and Trade confirmed that two Australians were released on Wednesday.

(Reporting by Winni Zhou and Adam Jourdan; Writing by Brenda Goh; Editing by Christopher Cushing)

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Financials ( AUD)
Sales 2018 3 379 M
EBIT 2018 559 M
Net income 2018 387 M
Debt 2018 807 M
Yield 2018 5,30%
P/E ratio 2018 21,40
P/E ratio 2019 19,30
EV / Sales 2018 2,56x
EV / Sales 2019 2,65x
Capitalization 7 832 M
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Mean consensus HOLD
Number of Analysts 10
Average target price 12,8  AUD
Spread / Average Target 12%
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Managers
NameTitle
John Henry Alexander Executive Chairman & Chief Executive Officer
Kennneth M. Barton Chief Financial Officer
Rowena Danziger Independent Non-Executive Director
Geoffrey James Dixon Independent Non-Executive Director
Michael Roy Johnston Non-Independent Non-Executive Director
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