{"id":848,"date":"2020-11-06T01:00:46","date_gmt":"2020-11-05T14:00:46","guid":{"rendered":"https:\/\/uberpokies.org\/?p=848"},"modified":"2020-11-09T01:01:10","modified_gmt":"2020-11-08T14:01:10","slug":"crown-resorts-still-facing-an-uncertain-fate","status":"publish","type":"post","link":"https:\/\/uberpokies.org\/crown-resorts-still-facing-an-uncertain-fate\/","title":{"rendered":"Crown Resorts still facing an uncertain fate"},"content":{"rendered":"

Crown Resorts Limited is Australia\u2019s largest gaming and entertainment group and, in recent years, seems to have become a magnet for trouble. Aside from the economic buffeting that COVID-19 has visited upon its fortunes, the company has also found itself becoming the subject of numerous governmental investigations.<\/p>\n

Now, a new crisis has befallen the beleaguered corporation as it has been placed on negative watch by Fitch Ratings<\/a>.<\/p>\n

Negative reasons<\/strong><\/p>\n

The sequence of events that led to the rating change began with a flurry of news reports that implicated the company in a money-laundering operation<\/a> at its Perth and Melbourne casinos. Questions also arose around the company\u2019s apparent inability to address a number of its China-based employees being arrested for being linked to organised crime.<\/p>\n

When the NSW government caught wind of these allegations, it promptly initiated an investigation into Crown\u2019s suitability to hold a license in the state. At the time around September 24th<\/sup>, 2020, Crown\u2019s Fitch rating grade was at BBB (stable).<\/p>\n

Unfortunately for the casino giant, the end of October brought more ill tidings with Fitch\u2019s new assigned rating of BBB (negative) because of two new investigations.<\/p>\n

The first new inquest is courtesy of the Australian Transaction Reports and Analysis Centre and regards possible non-compliance by Crown Melbourne with anti-money laundering laws. The second investigation was launched by the Victorian Commission for Gambling and Liquor Regulation that has demanded information on Crown Melbourne\u2019s junket operations.<\/p>\n

Fitch Ratings<\/strong><\/p>\n

Fitch Ratings is a London and New York-based international credit rating agency. It was founded in 1914 by John Knowles Fitch and is one of the three major companies in its field alongside Standard & Poor\u2019s and Moody\u2019s.<\/p>\n

Fitch assigns grades for publicly traded companies around the globe. These ratings are employed by investors to calculate which investments are more likely to produce a positive return. The ratings are determined by several factors including debt, positive cash flow, and internal governance.<\/p>\n

Fitch Investment Grades<\/strong><\/p>\n

Fitch provides two types of grades, namely investment, and non-investment. The investment category is used for businesses that are determined to be a good investment. Meanwhile, the grades in the non-investment category are assigned to undesirable investment opportunities.<\/p>\n

Investment Grades<\/strong><\/p>\n