Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

Planning Extension Denied, Is The Crown (ASX:CWN) Share Price A Buy?

Crown Resorts Ltd (ASX: CWN) has been denied a planning extension for its One Queensbridge project in Melbourne.

Crown Resorts is one of Australia’s largest gaming and entertaiment groups. It operates two integrated resorts in Melbourne and Perth. Crown also fully owns and operates Crown Aspinalls in London, one of the high-end licensed casinos in the West End entertainment district. It is currently developing Crown Sydney at Barangaroo.

Why The Crown Resorts Planning Extension Was Denied

One Queensbridge was supposed to be one of Crown’s major construction projects, along with Crown Sydney, that it planned to complete over the next few years.

The project was going to be a 6-star hotel with 388 rooms as well as 708 residential apartments and become Australia’s tallest building, expanding the already-huge Melbourne entertainment complex.

A couple of weeks ago the casino operator said that it and its joint venture partner, Schiavello, had applied for an extension for the construction date for the One Queensbridge project.

However, Crown has announced that the Victorian Government informally notified the partners that a construction extension has been denied. A formal notice is expected to be received from the Victorian Government shortly.

The reason why Crown and Schiavello wanted an extension was that it was subject to obtaining financing arrangements that were satisfactory, but the arrangements could not be achieved before the construction commencement date.

Crown still retains a 50% ownership stake of the land and will now consider what to do next.

Is Crown A Buy?

As a reminder, Crown recently reported its statutory profit increased by 9.9% before significant items to $174.9 million, or down 26.7% after significant items. Crown reported that normalised net profit was up 0.9% to $194.1 million.

With a steady dividend of 30 cents per share every six months, decent organic growth and the prospect of Crown Sydney coming online in the next couple of years, there’s quite a bit to like about Crown. However, I see the potential loss of One Queensbridge as a long term negative, I’d rather buy one of the proven shares in the free report below.

3 ASX Shares That Are A Better Bet Than Crown?

[ls_content_block id=”14945″ para=”paragraphs”]

$50,000 per year in passive income from shares? Yes, please!

With interest rates UP, now could be one of the best times to start earning passive income from a portfolio. Imagine earning 4%, 5% — or more — in dividend passive income from the best shares, LICs, or ETFs… it’s like magic.

So how do the best investors do it?

Chief Investment Officer Owen Rask has just released his brand new passive income report. Owen has outlined 10 of his favourite ETFs and shares to watch, his rules for passive income investing, why he would buy ETFs before LICs and more.

You can INSTANTLY access Owen’s report for FREE by CLICKING HERE NOW and creating a 100% FREE Rask Account.

(Psst. By creating a free Rask account, you’ll also get access to 15+ online courses, 1,000+ podcasts, invites to events, a weekly value investing newsletter and more!)

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

Skip to content