Crown to write down interests in casino portfolio

Feb 10, 2009 5:06 PM
Staff & Wire Reports |

Australian casino operator Crown Ltd expects to make a non-cash write-down associated with portfolio of minority-interest casino investments totaling about $450 million.

Crown’s minority investments include a 19.6 percent interest in Fontainebleau Resorts currently under construction on the Las Vegas Strip, and stakes held via private equity syndicates of 4.9 percent in Stations Casinos and 2.5 percent in Harrah’s Entertainment.

"Although our partners in some of these investments may have differing views on their value, Crown believes its approach to be prudent in the current climate," the company said in a release.

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