Crown Resorts Ltd
(ASX: CWN) is getting closer to normal operations as more restrictions are lifted.
What is Crown allowed to do now?
The Victorian government announced the lifting of more restrictions at the weekend and Crown is one of the businesses that is now allowed to do more activity.
Crown Melbourne now has a total capacity limit of 1,000 patrons. A maximum capacity limit in each indoor space of the lesser of 150 patrons or the number permitted by the density limits of one person per four square metres.
It can now commence operations of the table games as long as there’s physical distancing between patrons.
Crown will still need to deactivate every second electronic gaming machine and electronic table game.
There must also a COVID-19 marshal present and enhanced hygiene protocols.
What happens now?
Crown expects to commence operating under these new rules from Wednesday, 25 November 2020 and will continue to engage with the Victorian government on the implementation of these revised directions.
The Crown Metropol in Melbourne is expected to re-open on 1 December 2020.
However, whilst Crown Melbourne is getting back into the swing of things, Crown Sydney has a cloud hanging over it without its license yet.
At the current Crown share price I don’t think it reflects the risks enough of low shorter term earnings and slower longer term earnings growth. From the gambling sector, I’d much rather go something that’s growing quickly such as Pointsbet Holdings Ltd (ASX: PBH).
