The Business Times
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Bond investors wary of Crown's swelling debt, falling profits

Yield premium over swap rate on Crown Resorts' Nov 2019 bonds rose as much as 179 basis points in Aug

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Published Mon, Aug 17, 2015 · 09:50 PM

Sydney

AUSTRALIAN billionaire James Packer's casino empire borrowings are rising too fast for some bond investors' comfort.

With Crown Resorts Ltd's debt pile swelling and profits down, the cost of insuring the gaming operator's notes against non-payment climbed to the most expensive level in two years. The deterioration of the Melbourne-based company's balance sheet could also pressure its credit ratings.

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