Thursday, October 29, 2020
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Australia turns up the heat on gambling companies

Australia is again turning up the heat on gambling companies, this time with a bill that will make them responsible to compensate victims of players who used funds obtained illegally.

Aquis says operating cash flow positive, business strong

Aquis Entertainment said its operating cash flow in the recent quarter was positive and although visitation is down, business is strong. It has now also recalled most of the staff laid off during the Covid-19-mandated closures.

Crown outlook revised to negative by Fitch on probes

Fitch Ratings has revised its ratings outlook on Crown Resorts to negative from stable due to ongoing regulatory probes, but said it doesn't think the operator will lose its license.

Covid reignites Christmas island casino debate

Covid-19 has sparked a tourism boom for the Christmas as Cocos Islands as they form part of Western Australia's travel bubble and the increased visitation has reignited debate as to whether to resurrect the islands' only casino resort.
Crown Resorts

Packer protects Crown board from shareholder ire

Billionaire James Packer used his 36 percent share to protect the board of Crown Resorts and to largely save it from immediate accountability in the face of the dissatisfaction of many smaller shareholders.

JP Morgan ups forecasts for Crown/Star FY21 EBITDA

J.P. Morgan said it has raised its FY21 estimate for Star Entertainment Group's EBITDA by 10.7 percent due to stronger revenue from Queensland and better margins. However, it has downgraded the stock from overweight to neutral with a price target of A$3.50.

Australian gambling increased under Covid despite lack of venues

Australian's gambled more during the Covid-19 outbreak, despite a lack of access to venues, with the proportion who gambled four or more times a week increasing from 23 percent to 32 percent, according to the Australian Gambling Research Centre.

The Star releases chairman and CEO addresses and trading update

On Thursday morning, The Star issued a trading update combined with the chairman and CEO addresses to the firm’s Annual General Meeting.

Credit Suisse suggests Crown-Star merger

Credit Suisse believe it's time to examine the possibility of a Crown-Star tie up in light of both companies' reduced revenue from the pandemic and China's clampdown on overseas gambling activities.

Crown former chair may face ASIC referral

Crown Resorts' former Chairman Robert Rankin may be referred to Australia's Securities and Exchange Commission for failing to protect the company's staff in China, a suitability trial in Sydney heard.

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