I think the overwhelming negative sentiment here AFTER the share price has already been decimated is in itself a buy signal. Who remembers the Treasurer huffing and puffing in the press conference after the Hayne Commission and yet nothing changed for banks, mortgage brokers, etc etc Even AMP has announced it is going back to its previous advice model.
Crown is a big employer and tax payer. That's all that matters. Where will Melbourne be without 12,000 jobs, less tax revenue and without a big tourist attraction.
Whatever the outcome, it will blow over and disappear from the headlines. Most likely outcome is that a bidder will appear to take over Crown and the new owner will blame everything on previous managers and basically rebadge the business.
Just a matter of timing.
CWN Price at posting:
$8.64 Sentiment: None Disclosure: Not Held
