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I am rather concerned about the fall in the Crown share price and have had difficulty finding out the reason. Are there problems with Macau?
What’s your advice re: selling out?
A: There are clearly some issues with Macau which is impacting Crown.
Crown owns approx. 33.8% of Melco Crown Entertainment, one of the casino operators in Macau.
The Financial Times reported that total gaming revenue in Macau declined by 2.6% in 2014 (the first year on year decline), with steeper declines at the back end of the year.
Expectations of a further revenue decline is one of the factors currently impacting Crown.
Despite the issues in Macau, the brokers remain largely positive on Crown based on the strength of its domestic business and prospects.
According to FN Arena, broker sentiment is currently +0.6 (scale -1.0 most negative, +1.0 most positive), with a consensus target price of $16.44.
Given the fall in price, my inclination is to hang onto Crown at these levels.
