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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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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