Crown Resorts stock hits lowest value since 2016

Crown Resorts
Crown Resorts

On Tuesday, Crown Resorts’ stock price hit its lowest value in more than three years. The company traded as low as A$10.70, a figure not seen since November 2016.

These woes come in the wake of the New South Wales Independent Liquor and Gaming Authority’s probe of the company, assessing whether Crown Resort should keep its license to run an A$2.2 billion (US$1.5 billion) Sydney harborside gaming development.

The falling stock price comes despite the recent publication of reasonably good financial results, with net profits in the second half of the calendar year 2019 up 24.8 percent to over A$218 million (US$146 million) and revenue from operations up 3.6 percent to more than A$1.53 billion.

However, investors may have been shaken by critical testimony at the probe, headed by former Supreme Court judge Patricia Bergin, which pointed to the possibility of an adverse judgment.

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