The recovery of gaming revenue in Macau continues. Unfortunately shareholders in Crown Resorts (ASX: CWN) wont benefit.
No plan survives contact with the enemy is oft-quoted in military circles (albeit with many different attributions).
Much the same can be said about investment cases, such as our April 2015 Buy recommendation on Crown Resorts (ASX: CWN). (For more Buy ideas, please see our Buy list).
Our case rested on two arguments. One, that concerns about the funding of Crowns substantial capital expenditure in future years were overblown. And, two, that gross gaming revenue in Macau the only place in China where casino gambling is legal and to which Crown was exposed via its then 34% interest in Melco Resorts (NASDAQ: MLC…
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