Blackstone builds Crown Resorts debt bomb as casino profits slide
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.
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.
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