Nevada Business in Gaming

Crown Writes Down Fontainebleau Stake Value to Zero
Australia's largest casino owner, wrote down the value of its 19.6 percent equity stake in Fontainebleau Resorts LLC to zero after three units of the U.S. developer filed for bankruptcy. The carrying value of $22 million of debt in Fontainebleau is also expected to be written down to nil, the Melbourne-based company said in a statement today. Crown has no plans or obligations to contribute further cash to Fontainebleau, it said.
[ source ] http://www.bloomberg.com : June 10, 2009 |  Comments: (0)

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