• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Fitch downgrades Crown, signs off on rating casino firm

Jul 06, 2022 Newsdesk Latest News, Top of the deck, World  


Fitch downgrades Crown, signs off on rating casino firm

Fitch Ratings Inc says it has downgraded the issuer default rating of Australian casino operator Crown Resorts Ltd to ‘BB-’ from ‘BBB’, and the senior unsecured rating on the financing entity, Publishing and Broadcasting (Finance) Ltd. Both ratings have been maintained on ‘rating watch negative’.

The ratings organisation said the downgrade reflected “the deterioration in Crown’s financial profile following the completion of the acquisition by new owner Blackstone BidCo, based on the more aggressive capital structure put in place to fund the transaction, as disclosed in the scheme booklet, published in March 2022”.

But the financial institution noted that its Wednesday update was a sign-off note regarding its coverage for the casino group.

“Fitch has withdrawn the ratings as Crown has chosen to stop participating in the rating process,” said the institution, following the takeover by entities linked to the private investment firm Blackstone Inc, and Crown Resorts’ delisting from the Australian bourse.

Fitch specified that the “aggressive” structure proposed by the Blackstone side encompassed that it would “debt finance AUD5.4-billion [US$3.06-billion] of the estimated AUD8-billion purchase price, and would allow entities in the new group to obtain commitments for a further AUD500-million under a super senior revolving credit facility to finance its business operations”.

The maintenance of the ‘rating watch negative’ position reflected Fitch’s view that Crown Resorts’ rating could be downgraded further following the completion of Blackstone’s review of the casino group’s future operations.

But the ratings agency said it anticipated “limited information will be made public to enable a full assessment of Crown’s business and financial profile once the review is complete, following Crown’s delisting from the Australian Securities Exchange and Blackstone’s intention to operate it as a private company”.

Fitch ‘BB’ ratings indicate “an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time,” though the institution notes that for that rating, “business or financial flexibility exists that supports the servicing of financial commitments”.

Late last month, Crown Resorts said its Crown Sydney resort had been approved for a gaming licence – on a “conditional” basis – by the New South Wales regulator, the Independent Liquor and Gaming Authority (ILGA).


  • tweet
Related articles
  • Macau economy to see double-digit growth in 2023: AMCM
    Macau economy to see double-digit...

    Jan 27, 2023  

  • Macau, APAC early gainers in China tourist return says Fitch
    Macau, APAC early gainers in China...

    Jan 27, 2023  

More news
  • Available Macau casino tables busy at tail of CNY hols
    Available Macau casino tables busy at...

    Jan 27, 2023  

  • G2E Asia in-person for Macau in 2023, first time since 2019
    G2E Asia in-person for Macau in 2023,...

    Jan 27, 2023  


Latest News

Available Macau casino tables busy at tail of CNY hols

Available Macau casino tables busy at tail of CNY hols

Jan 27, 2023  

Some Macau casinos visited by GGRAsia on Thursday, actually had tables that were closed, notwithstanding strong consumer demand during Chinese New Year (CNY). The reasons for some tables being...
Read More
Macau economy to see double-digit growth in 2023: AMCM

Macau economy to see double-digit growth in 2023: AMCM

Jan 27, 2023  

Macau, APAC early gainers in China tourist return says Fitch

Macau, APAC early gainers in China tourist return says

Jan 27, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


384,600

Aggregate number of visitors to Macau during the first six days of the Chinese New Year holiday break



Most Popular

  • Available Macau casino tables busy at tail of CNY holsAvailable Macau casino tables busy at tail of CNY hols January 27, 2023
  • G2E Asia in-person for Macau in 2023, first time since 2019G2E Asia in-person for Macau in 2023, first time since 2019 January 27, 2023
  • Nearly 70k visitors to Macau on 6th day of CNY breakNearly 70k visitors to Macau on 6th day of CNY break January 27, 2023
  • 71pct of Sands China licence spend for venues says parent71pct of Sands China licence spend for venues says parent January 26, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us