Crown stuffs $630m under the bed, betting on rainy days ahead
Elizabeth Knight, 24 May 2021
At first glance there doesn’t appear to be an obvious nexus between alleged fresh money laundering claims against Crown Resorts revealed during Monday’s Victorian royal commission and the company’s decision not to redeem $630 million of subordinated notes.
For that matter, most wouldn’t join the dots between Crown’s decision to not pay out its noteholders and claims by the Victorian gaming regulator last week that it was misled by Crown about the arrests of 19 of its China staff back in 2016.
Crown paints a portrait of itself as a now conservative company that wants to maintain its liquidity in the face of the COVID-induced sporadic closures of its venues or changes to their operating conditions. Continue reading “Article: Crown stuffs $630m under the bed, betting on rainy days ahead”
