The gaming giant committed a big tactical blunder in not appointing a new chairman earlier because it undermines the credibility of its commitment to reform.
Patrons of Crown Resorts, it seems, aren’t the only people fond of placing risky bets. The 8 per cent surge in the share price of the embattled casino giant over the past fortnight suggests investors also enjoy a flutter.
Crown’s share price has jumped from $8.61 at the end of July to $9.31 at the end of last week on growing optimism that royal commissioner Ray Finkelstein, QC, will allow the crisis-prone company to retain its Melbourne casino licence.
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Karen Maley writes on banking and finance, specialising in financial services, private equity and investment banking. Karen is based in Sydney. Connect with Karen on Twitter. Email Karen at karen.maley@afr.com
