Private equity giant Blackstone says it is comfortable with the multi-billion dollar loan it took to buy Crown Resorts, despite the casino operator’s annual earnings falling significantly below its interest bills.
Crown’s earnings before tax, depreciation and amortisation fell by 80 per cent this financial year to about $24 million, according to analysis of its financial disclosures by investment bank Jefferies.
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correction —
After publication, Blackstone clarified the annual interest of $544 million was in Australian dollars, not US dollars. This article has been updated to reflect this.
Zoe Samios covers wagering and the business of sport from the AFR's Sydney newsroom. She was previously the media and telecommunications reporter for The Sydney Morning Herald and The Age, and covered media at The Australian. Connect with Zoe on Twitter. Email Zoe at zoe.samios@afr.com
Amelia McGuire covers technology from the AFR's Sydney newsroom. She was previously the aviation, tourism and gambling reporter for The Sydney Morning Herald and The Age. Connect with Amelia on Twitter. Email Amelia at a.mcguire@afr.com.au
