Crown (CWN) manages a variety of gaming and entertainment facilities, including, bars, restaurants, nightclubs, cinemas and retail outlets. It also develops hotels and conference centre facilities.

The company wholly owns and operates two integrated resorts; the Crown Entertainment Complex in Melbourne and Burswood Entertainment Complex in Perth. Mr James Packer currently owns a 50.1% stake in the group.

CWN also has an interest in several different projects including:

Key Points:

FY13 results showed solid operations at Australian business:

Outlook

CWN's FY13 operating results were solid and we expect more of the same in the coming year.

We anticipate mid-digit growth for its Australian business, with the key drivers being a full year of cost cutting benefits at its Melbourne casino and continued refurbishment benefits at its Burswood complex.

In regards to its MCE business we are expecting an extremely strong year. It's Macau City of Dreams has been undertaking a change in product mix, with a higher emphasis on the mass markets tables over VIP tables.

We believe expect this new product mix to the higher margin mass market table will lead to a solid increase in profit.

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