Insights

Crown (ASX:CWN) share price seesaws amid mandatory vaccination policy

The company says most of its employees are already vaccinated against COVID-19
The post Crown (ASX:CWN) share price seesaws amid mandatory vaccination policy appeared first on The Motley Fool Australia. –

The Crown Resorts Ltd (ASX: CWN) share price is wobbling today. It comes after reports the company is looking at implementing a mandatory COVID vaccination policy for all its staff and visitors to its sites.

At the time of writing, shares in the casino operator are trading for $9.59 — down 0.31%. However, they have been as high as $9.72 in morning trade. The S&P/ASX 200 Index (ASX: XJO), meanwhile, is 0.25% lower.

Let’s take a closer look at today’s news.

Jab for a job

Crown Resorts has announced a “more proactive stance” on jabs and is now mandating it rather than encouraging it among their employees. This news has received a mixed reception from investors – at least, by looking at the Crown share price alone.

According to reports, the group’s CEO, Steve McCann, is in talks with his workforce and government departments to create a plan for a vaccine rollout at the company’s three locations in Sydney, Melbourne, and Perth. While the company has not said it will mandate inoculation for patrons, it has not ruled it out either.

In a statement, Crown said it will begin to “urgently consult its stakeholders and employees regarding mandatory vaccination which could apply to all its staff and members of the public who plan to visit or stay at any of its resorts around Australia”.

A recent survey conduct by Crown management reportedly shows 60% of its employees were already either fully or partially vaccinated.

Management commentary

McCann said of today’s announcement:

At Crown, we care about creating a safe environment for our people and our customers. As such a significant hospitality employer in Australia with resorts that hosted over 30 million visits a year pre-Covid, we need to take measures to help keep people safe. That starts with our employees but also extends to our guests and the broader community.

Covid-19 has devastated the hospitality industry, and that has been felt acutely by our people. Supporting the vaccination target rates set by governments is going to help our industry reopen, stay open and recover faster so we will play our part to help our industry get there. We will continue to explore ways to make it faster and easier for our people to come back to work.

Crown share price snapshot

The Crown share price has had a difficult time recently. All the gains the company saw when first approached about a potential takeover have been wiped out as controversy and uncertainty continue to surround the business.

The Victorian Royal Commission into Crown’s gaming licence is due to hand down its findings next month. One option being considered is revoking said licence.

The Crown share price is down 3% year to date but has gained almost 5% over the past 12 months.

Crown Resorts has a market capitalisation of $6.5 billion.

The post Crown (ASX:CWN) share price seesaws amid mandatory vaccination policy appeared first on The Motley Fool Australia.

Should you invest $1,000 in Crown Resorts right now?

Before you consider Crown Resorts, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Crown Resorts wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Crown (ASX:CWN) share price outperforms despite auditor concerns
Crown (ASX:CWN) share price slumps as problem gambler lawsuit heats up
How does the Crown Resorts (ASX:CWN) earnings result compare to Star Entertainment (ASX:SGR)?
Crown Resorts (ASX:CWN) share price slumps amid dividend suspension
Crown (ASX:CWN) share price wobbles as profit slumps 429%

Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!