The Crown Resorts Ltd (ASX: CWN) share price is on watch after the company received a liquor licence for its Crown Sydney resort.
The post Why the Crown (ASX:CWN) share price on watch this morning appeared first on The Motley Fool Australia. –
The Crown Resorts Ltd (ASX: CWN) share price is on watch this morning after the entertainment and gaming company received a liquor licence for its Crown Sydney resort.
After market close yesterday, the Crown share price finished the day at $9.85, up 1.2%.
What did Crown announce?
In the release, Crown advised that the New South Wales Independent Liquor and Gaming Authority (ILGA) has approved Crown Sydney for a liquor licence.
The new permit is on an interim basis for non-gaming areas in the building such as the hotel, bars and some restaurants. The liquor licence is valid from yesterday’s update to 30 April 2021.
Crown will need to re-apply in order to extend its liquor licence for the period of 1 May 2021 and thereafter. This will allow the ILGA to assess suitability on whether to grant further approval following the ILGA enquiry. The outcome of the report is due early next year.
As Crown Sydney’s casino remains closed until February 2021, the company is finalising its pre-opening activities for non-gaming areas. It is expected that it will open its doors to the public from 28 December 2020.
What did the liquor and gaming authority say?
ILGA chair Phillip Crawford said the authority was considering a further two liquor licences for other non-gaming areas of the casino, with a final decision expected within the week.
He went on to say:
The licence issued today will allow Crown to serve alcohol at the Crown Sydney resort, which includes a number of bar areas. The additional licence applications still to be determined apply to two restaurants at Crown Sydney.
Crown share price summary
The Crown share price has had a bumpy ride for the last 6 months, following COVID-19 restrictions, the recent money laundering investigation and class action lawsuits launched by shareholders.
While its shares are trading materially lower than its normal range of around $11 to $13, investors wil no doubt be hoping the worst is behind the company. Crown reached a 52-week high of $12.71 in January before falling to a decade low of $5.84 in March.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Crown Resorts Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.