Company news: Crown
Crown Resorts has sold a partial interest in Melco Crown (a NASDAQ listed hotel and casino owner and operator in Macau and Manila), and will not proceed with construction of the Alon casino in Las Vegas. Proceeds from the Melco sale will be used to reduce debt by ~$800mill, with the remainder (~$1.1bill) to be used for a special dividend and a share buyback. The company is also not going to proceed with the proposed demerger of its international operations.
Whilst this has no direct bearing on the Crown Notes II, a lower gearing of the issuer is never something a hybrid holder would say no to.