Wednesday, August 10, 2022

Crown faces difficulties raising funds for Las Vegas project


James Packer’s Crown Resorts has had trouble raising the financing needed to help build its planned $1.9 billion hotel-casino complex in Las Vegas, according to Credit Suisse.

In a research report, gaming analyst Larry Gandler said Crown Resorts, which owns 74 percent of Alon, was looking to finance the resort by reducing its stake to 45 percent by raising $425 million via an equity issue to new investors.

Gandler said the slowdown in China's economy, where the equity sale was taking place, may be diminishing investor interest in Alon, and could hurt the debt-to-cash flow ratio for Crown.

Credit Suisse said the equity round “seems to be taking longer than we thought.”

 

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