Business
Crown Resorts (ASX:CWN) share price is up 6% despite Fitch downgrade
The Crown Resorts Ltd (ASX: CWN) share price is trading higher today despite receiving a downgrade by ratings agency Fitch Ratings. Fitch has placed Crown Resorts’ BBB rating on ‘rating watch negative’, after the NSW gaming authority delayed the December opening of Crown’s Sydney casino until February 2021.
However, the Crown Resorts share price was up 5.93% at $10.19 in closing trade. Could shares in the company be buoyed by the opening of its Melbourne casino today?
Why Crown Resorts has been downgraded
Fitch Ratings said the downgrade reflected its opinion that the Sydney opening ban highlighted an “increased risk” of severe regulatory action being taken by the Independent Liquor and Gaming Authority (ILGA). The…
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