Background and Motivation
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G3 June 2018
Reports AUSTRALIA MARKET P66 NEWSWIRE / INTERACTIVE / MARKET DATA Australia Long-term love-hate relationship Australia’s love affair with gambling is nothing new. Most Australian adults participate in gambling activities at least once a year and the average Australian gambler spends an estimated $1,000 a year. With almost 200,000 ‘pokie’ slot machines located in some 2,000 clubs and over 3,000 pubs and taverns, the country has more slots per person than almost any other country. According to a ‘Household, Income and Labour The online sector is governed by the Interactive Dynamics in Australia’ (HILDA) report in 2017 Gambling Act of 2001 which prohibits all some 6.8 million or 39 per cent of Australian interactive gambling with the exception of adults gamble in a typical month spending an licensed wagering, racing and sports betting and estimated $8.6bn. Lotteries are the most popular lotteries. Operators with licenses in a particular form of gambling, followed by instant tickets, state or territory can provide services to all EGMs (pokies), race betting and then sports Australian residents so long as they comply with betting. the Act. With such a huge gambling market there are ONLINE CHANGES consistently calls to monitor the sector and Earlier this year new rules to protect young concerns over gambling addiction issues. people and vulnerable gamblers were introduced by the Minister for Families and Social Services, Online betting is hugely popular in Australia and Paul Fletcher MP. These measures are part of the is enjoying a growth rate of around 15 per cent National Consumer Protection Framework for per year. -
Crown Group Finance Limited (ABN 96 125 812 615)
Information Memorandum Australian Debt Issuance Programme Issuer Crown Group Finance Limited (ABN 96 125 812 615) Guarantors Crown Resorts Limited (ABN 39 125 709 953) and others Arrangers and Dealers Australia and New Zealand Banking Group Limited Commonwealth Bank of Australia National Australia Bank Limited Westpac Banking Corporation 31 October 2014 1 Contents Important Notice..................................................................................................................3 Documents incorporated by reference.....................................................................................7 Summary of the Programme..................................................................................................8 Corporate Profile ................................................................................................................ 15 Description of the Guarantors .............................................................................................. 19 General Conditions of the Notes ........................................................................................... 20 Form of Pricing Supplement................................................................................................. 54 Selling Restrictions ............................................................................................................. 61 Australia Taxation .............................................................................................................. 67 Directory.......................................................................................................................... -
2016 Contents
For personal use only ANNUAL REPORT 2016 Contents Chairman’s Message 1 Financial Performance 2 About Crown Resorts 4 Crown’s Resort Portfolio 6 Chief Executive Officer’s Report 10 Australian Resorts 12 Melco Crown Entertainment 16 Other International Interests 18 Crown Wagering & Online Social Gaming Operations 19 Corporate Social Responsibility 20 Corporate Governance Statement 23 Nevada Information Statement 36 Directors’ Statutory Report 40 Remuneration Report 50 Auditor’s Independence Declaration 72 Independent Auditor’s Report 73 Directors’ Declaration 75 Financial Report 76 Shareholder Information 134 Additional Information 136 Corporate Information inside back cover FinancialFor personal use only Calendar Annual General Meeting Record date for dividend 23 September 2016 10.00am, Thursday 20 October 2016 Payment of final dividend 7 October 2016 The Astral Ballroom Annual General Meeting 20 October 2016 Ground Floor, Crown Perth 2017 Interim results February 2017 Burswood, Perth CROWN RESORTS LIMITED Cover: The new luxury Crown Towers Perth, opening December 2016 ABN 39 125 709 953 Inside: Proposed design of One Queensbridge project (subject to planning approval) in Melbourne by architects Wilkinson Eyre Chairman’s Message Crown Resorts has pursued important initiatives to increase transparency, unlock value for shareholders and position the company for the next decade of growth. Crown is in a sound financial position, this proposed IPO is subject to approval our balance sheet is strong and we are from the Crown Resorts Board and -
2016 Crown Resorts Limited Annual Report
ANNUAL REPORT 2016 Contents Chairman’s Message 1 Financial Performance 2 About Crown Resorts 4 Crown’s Resort Portfolio 6 Chief Executive Officer’s Report 10 Australian Resorts 12 Melco Crown Entertainment 16 Other International Interests 18 Crown Wagering & Online Social Gaming Operations 19 Corporate Social Responsibility 20 Corporate Governance Statement 23 Nevada Information Statement 36 Directors’ Statutory Report 40 Remuneration Report 50 Auditor’s Independence Declaration 72 Independent Auditor’s Report 73 Directors’ Declaration 75 Financial Report 76 Shareholder Information 134 Additional Information 136 Corporate Information inside back cover Financial Calendar Annual General Meeting Record date for dividend 23 September 2016 10.00am, Thursday 20 October 2016 Payment of final dividend 7 October 2016 The Astral Ballroom Annual General Meeting 20 October 2016 Ground Floor, Crown Perth 2017 Interim results February 2017 Burswood, Perth CROWN RESORTS LIMITED Cover: The new luxury Crown Towers Perth, opening December 2016 ABN 39 125 709 953 Inside: Proposed design of One Queensbridge project (subject to planning approval) in Melbourne by architects Wilkinson Eyre Chairman’s Message Crown Resorts has pursued important initiatives to increase transparency, unlock value for shareholders and position the company for the next decade of growth. Crown is in a sound financial position, this proposed IPO is subject to approval our balance sheet is strong and we are from the Crown Resorts Board and well positioned to fund our current and approvals, consents and waivers from proposed development projects. third parties, however it could realise significant value for shareholders. Major initiatives to enhance Finally, in a move to increase cash shareholder value returns to our shareholders, Crown One of Crown’s major objectives is to Resorts has adopted a new dividend increase shareholder returns and the policy to pay 100% of normalised net Board has recently endorsed a number profit after tax (before minorities and of initiatives designed to achieve this. -
2015 for Personal Use Only Use Personal for Contents
ANNUAL REPORT 2015 For personal use only Contents Chairman’s Message 1 Crown Resorts at a Glance 2 Crown’s Luxury Resort Portfolio 6 Financial Performance 12 Chief Executive Officer’s Report 14 Australian Resorts 16 Melco Crown Entertainment 22 Crown Aspinalls and other investments 25 Development Projects 26 Corporate Social Responsibility 28 The Crown Resorts Foundation 31 Corporate Governance Statement 33 Nevada Information Statement 46 Directors’ Statutory Report 50 Remuneration Report 60 Auditor’s Independence Declaration 82 Independent Auditor’s Report 83 Directors’ Declaration 85 Financial Report 86 Shareholder Information 146 Additional Information 148 Corporate Information inside back cover Financial Calendar Record date for dividend – 25 September 2015 Payment of final dividend – 9 October 2015 Annual General Meeting – 21 October 2015 2016 interim results – February 2016 Annual General Meeting 10.00am, Wednesday 21 October 2015 River Room Level 1, Crown Towers 8 Whiteman Street Southbank, Melbourne For personal use only CROWN RESORTS LIMITED ABN 39 125 709 953 b Chairman’s Message Crown Resorts is one of Australia’s leading luxury tourism and entertainment businesses, with a significant and growing global reach. It gives me great pleasure to present my first Annual Report as The ongoing boom in Chairman. Crown Resorts is a proud Australian tourism and outbound Chinese entertainment company which makes a significant contribution tourism is a major to our country through our world-class employment, training, positive for our resorts tourism infrastructure and social responsibility programs. and very encouraging given our ongoing pipeline of investment in Results high quality tourism assets. For the financial year ended 30 June 2015, Crown Resorts Construction at the announced a net profit of $446.3 million before significant Crown Towers Perth hotel items, which was down 36.5% from the previous year. -
For Personal Use Only
CCROWNROWN LLIMITEDIMITED AANNUALNNUAL RREPORTEPORT 20082008 For personal use only CONTENTS Executive Chairman’s Letter 1 Crown’s Gaming Portfolio 2 Chief Executive Officer’s Report 4 Australian Casinos • Crown Melbourne 8 • Burswood 13 US Casino Acquisition • Cannery Casino Resorts 16 Joint Venture Businesses • Melco Crown Entertainment 17 • Gateway 19 • Aspinalls 20 • Betfair Australia 20 • Other US Investments 20 Community and the Environment 21 Corporate Governance Statement 24 Remuneration Report 32 Directors’ Statutory Report 53 Auditor’s Independence Declaration 63 Independent Auditor’s Report 64 Directors’ Declaration 66 Financial Report 67 Shareholder Information 131 Additional Information 133 Corporate Information Inside Back Cover ANNUAL GENERAL MEETING Tuesday 28th October, 11.00am River Room, Level 1, Crown Towers 8 Whiteman Street, Southbank Victoria 3006 For personal use only FINANCIAL CALENDAR Payment of fi nal dividend 17 October 2008 Annual General Meeting 28 October 2008 2009 interim results Second half of February 2009 Crown Limited ABN 39 125 709 953 Executive Chairman’s Letter Dear fellow shareholder, On behalf of your Board of Directors, I am pleased to present Crown Limited’s inaugural annual report as a publicly listed entity in its own right. The year has marked an important milestone in Crown’s history with the separation of PBL into two separately listed companies. The move to a pure play gaming enterprise has allowed Crown to focus on developing its business strategy which is underpinned by high cash generating businesses in Australia, a conservative JAMES PACKER EXECUTIVE CHAIRMAN financial structure and increasing geographical diversification. Crown announced a full-year normalised net profit of $370.1 million for the financial year ended 30 June 2008. -
ANNUAL REPORT 2015 Contents
ANNUAL REPORT 2015 Contents Chairman’s Message 1 Crown Resorts at a Glance 2 Crown’s Luxury Resort Portfolio 6 Financial Performance 12 Chief Executive Officer’s Report 14 Australian Resorts 16 Melco Crown Entertainment 22 Crown Aspinalls and other investments 25 Development Projects 26 Corporate Social Responsibility 28 The Crown Resorts Foundation 31 Corporate Governance Statement 33 Nevada Information Statement 46 Directors’ Statutory Report 50 Remuneration Report 60 Auditor’s Independence Declaration 82 Independent Auditor’s Report 83 Directors’ Declaration 85 Financial Report 86 Shareholder Information 146 Additional Information 148 Corporate Information inside back cover Financial Calendar Record date for dividend – 25 September 2015 Payment of final dividend – 9 October 2015 Annual General Meeting – 21 October 2015 2016 interim results – February 2016 Annual General Meeting 10.00am, Wednesday 21 October 2015 River Room Level 1, Crown Towers 8 Whiteman Street Southbank, Melbourne CROWN RESORTS LIMITED ABN 39 125 709 953 b Chairman’s Message Crown Resorts is one of Australia’s leading luxury tourism and entertainment businesses, with a significant and growing global reach. It gives me great pleasure to present my first Annual Report as The ongoing boom in Chairman. Crown Resorts is a proud Australian tourism and outbound Chinese entertainment company which makes a significant contribution tourism is a major to our country through our world-class employment, training, positive for our resorts tourism infrastructure and social responsibility programs. and very encouraging given our ongoing pipeline of investment in Results high quality tourism assets. For the financial year ended 30 June 2015, Crown Resorts Construction at the announced a net profit of $446.3 million before significant Crown Towers Perth hotel items, which was down 36.5% from the previous year. -
For Personal Use Only
For personal use only For personal use only For personal use only For personal use only For personal use only For personal use only For personal use only For personal use only For personal use only Publishing and Broadcasting Limited PBL Publishing and Broadcasting Limited Scheme ABN 52 009 071 167 Booklet Scheme Booklet 2007 This is an important document and requires your immediate attention. It should be read in its entirety. If you are in doubt as to what you should do, you should consult your legal, investment or other professional adviser. The PBL Scheme THE PBL DIRECTORS is to be effected by a scheme of RECOMMEND THAT arrangement between Publishing YOU VOTE FOR THE and Broadcasting Limited and its RESOLUTIONFor personal use only TO shareholders. APPROVE THE PBL SCHEME. Section 00SectionSection 00 TitleSection Title PBL Scheme Booklet 1 Contact Contents Corporate directory If you have any Section Publishing and Broadcasting Limited questions in relation ABN 52 009 071 167 to this Booklet, the 01 Key dates 03 Registered Offi ce PBL Scheme or 02 Important information 04 Level 2, 54 Park Street the Recommended 03 Key questions and answers 09 Sydney NSW 2000 Proposal please contact 04 Overview 15 the PBL Infoline. 05 Consideration 21 Telephone +61 (2) 9282 8000 06 Directors’ recommendation 26 Facsimile +61 (2) 9282 8828 For Australian callers: 07 Mechanics and approvals 31 Website www.pbl.com.au 1300 138 983 08 Gaming Businesses 43 09 Media Businesses 59 Legal Adviser For international 10 Crown if the Recommended Proposal 73 Gilbert + -
Crown Resorts (ASX:CWN) a Corporate Jackpot Or Bust?
Crown Resorts (ASX:CWN) A Corporate Jackpot or Bust? Michael Li | Kevin Zhang KM Capital Company Snapshot Crown’s business structure provides a platform for future success Our Projections Share Performance $12.34 TARGET PRICE BUY RECOMMENDATION 6.5% UPSIDE Total 12M Return $11.59 with dividends: CLOSING PRICE 5th September 2017 11.65% Key Statistics FY17 Revenue Segments Share price $11.59 Wagering & Unallocated 12-month Low/High $9.62 / $13.34 Online 0.3% 6% Market Cap $8.46B Crown Net Debt $173.80M Aspinalls Dividend Paid (Yield) $0.60 (5.18%) 3% Crown Perth Gearing (%) 37.58% 26% Enterprise Value $8.67B Crown Melbourne P/E Ratio 24.52 65% Key Management John Alexander (CEO); James Packer (Director) COMPANY INDUSTRY THESIS VALUATION RECOMMENDATION Timeline A refocus towards domestic operations will drive growth in the future Investment Pipeline - Over $2 billion in the next 5 years 2020 Industry Outlook • Industry revenue is forecasted to surpass Share Buyback $7bn by the end of 2020, with growth Star’s Queens Wharf stabilising around 5% y.o.y • In addition to the Initial Share Buy-Back, • The number of casino enterprise are • Construction of a fifth casino in the Crown intends to undertake a further on- estimated to remain at eight, with inner-city of Brisbane, Queensland, market share buy-back of up to 29.3 million establishments forecast to increase to 15 and is expected to finish by 2022 shares (from 13) by 2022 • Investment of A$3bn 2017 2018 2019 2020 2021 2022 2023 Melco, Macau Crown Sydney Hotel Resort • The company announced