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- 24 December 2010
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O'Farrell does as he's told once again:
James Packer wants energy-intensive VIP gaming rooms at his luxury Sydney casino exempted from standard measures of green performance, casting doubt on claims Barangaroo will be a ''world leader in sustainability''.
Mr Packer's company Crown says methods used to assess the environmental ratings of other buildings at Barangaroo should not apply to the high-roller gaming areas, because the lighting and special air conditioning in smoking areas will require a huge amount of power.
A government panel that assessed Crown's bid, headed by former banker David Murray, recommended the exemption be granted, and the casino instead adopt ''world's best practice'' for VIP gaming facilities.
The state government is finalising its deal with Crown for the $1.5 billion hotel-casino aimed at wealthy Asian and domestic high rollers.
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A spokeswoman for Premier Barry O'Farrell said existing methods for measuring green performance were ''not designed for casinos'' and the Crown proposal would likely be subject to a different method.
Read more: http://www.smh.com.au/business/prop...-barangaroo-20130802-2r4ul.html#ixzz2atf9jTEa
A break above 13.50 could move the stock to 15.765 in six months. MACD is in the positive territory and RSI is increasing to 63.8, according to http://au.stoxline.com/q_au.php?symbol=cwn&c=ax
So what's up with Crown?
I liked the look of these guys a few years back, but it seems to have hit a steady decline from its peak (33%) to today.
Is it the slowdown in metals + oil = less Chinese money = less money pumped in to tourism & casino's = less money for Crown?
That's a long bow/fundamental link that I can see.
So what's up with Crown?
I liked the look of these guys a few years back, but it seems to have hit a steady decline from its peak (33%) to today.
Is it the slowdown in metals + oil = less Chinese money = less money pumped in to tourism & casino's = less money for Crown?
That's a long bow/fundamental link that I can see.
Not that long a bow at all. Gaming volume in Macau has been declining for some time even before the recent oil collapse.
The Chinese anti-corruption spree is having some real impact on the hospitality business... luxury wine sales are down, while 5-star hotels are begging to be re-rated down so government offcials can stay there.
Thanks Value Snatcher and SKC - appreciate the feedback.
I always look at gaming stocks with an ethical lens and an investment one. I see potential in gaming long term (these guys work their way with each government) but the ethical side suggests people get hurt way too often via gaming.
Hmmm time to ponder I guess?
Crown showing off a Morning Star candle pattern at completion of todays trading. Possibly a turning point in the trend with the coincidence of additional share volume for the three candle formation. Remember the stock has been downtrending for a year. Chart exclusive to Aussie Stocks Forums.
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