# SGR - The Star Entertainment Group



## PT Cruiser (6 June 2011)

EGP began trading on the ASX today now that it has demerged from Tabcorp Holdings (TAH).

SP Opened @ $4.35


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## Tyler Durden (7 June 2011)

*Re: EGP - Echo Entertainment Group*

I wonder how the opening price is determined...


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## Tyler Durden (2 February 2012)

*Re: EGP - Echo Entertainment Group*



> THE managing director of Sydney's The Star casino has been replaced for issues relating to his behaviour, the casino's owner says.
> 
> The CEO of Echo Entertainment said today that Sid Vaikunta had left the company.
> "Mr Vaikunta's employment has ended after his behaviour in a social work setting," Echo CEO Larry Mullin said in a statement.
> ...




http://www.news.com.au/breaking-new...ed-for-behaviour/story-e6frfku0-1226261189002

Wonder what happened. Must've been serious to lose your job.


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## Tyler Durden (5 February 2012)

*Re: EGP - Echo Entertainment Group*

A more focused article on the situation:



> SACKED casino boss Sid Vaikunta was sent on leave six weeks before he was fired, raising questions over whether senior management knew of his alleged misbehaviour on the eve of the casino's licence being renewed.
> 
> Casino employees told The Sun-Herald Mr Vaikunta had not been seen at work since before Christmas. At the same time, government sources said it was understood Mr Vaikunta had been sent on extended leave six weeks before The Star's chief executive, Larry Mullin, announced his termination on Thursday.
> 
> The casino has refused to add to its statement that Mr Vaikunta's employment had been terminated ''after his behaviour in a social work setting''. However, it only has until 1pm tomorrow to provide a full explanation to the state government.




http://www.smh.com.au/nsw/a-dark-side-to-the-star-20120204-1qyr7.html

Can't wait until the explanation tomorrow. Wonder if this will affect the SP.


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## Tyler Durden (16 February 2012)

*Re: EGP - Echo Entertainment Group*

EGP announced on the ASX today that they are happy for the authorities to investigate the sacking of Vid. Following that, their SP dropped about 3% and the low point of today was $3.42. I always told myself to buy in at $3.50 but placed an order at $3.40 which never hit


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## Tyler Durden (24 February 2012)

*Re: EGP - Echo Entertainment Group*



> A COMPANY contracted by the Star casino to attract high rollers from Asia has been linked to a Chinese crime gang.
> 
> The Neptune Group, a Hong Kong company, signed a three-year deal in February 2009 with the casino's then operator, Tabcorp, to introduce high rollers via gambling tours known as ''junkets''.
> 
> ...




http://www.smh.com.au/nsw/company-l...ed-high-rollers-to-casino-20120223-1tqmg.html

Probably won't affect SP, as with all other bad news.


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## Tyler Durden (24 February 2012)

*Re: EGP - Echo Entertainment Group*

EGP shares jumped 13% today after Packer increased his stake to 10% and the results were released.



> He will need to convince NSW and Queensland gambling authorities that Crown should be allowed to own more than 10 per cent of Echo but there is little doubt Packer wants full control of the Tabcorp spin-off before its massive investment in revamping casinos starts flowing through to the bottomline.
> 
> Crown and Echo have punted billions on the belief they can entice Asia's high rollers, and other wealthy tourists from the region, to their casinos.
> 
> ...




http://www.watoday.com.au/business/tourist-magnets-attract-packer-play-20120224-1ttc4.html

Two questions:

1. Revenue was $908.2m, yet net profit was only $70.2m - what the hell?

2. Why would James Packer increase his stake now if he is unsure whether they will approve him having more than 10% stake? Unless he already knows the answer?


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## Tyler Durden (3 March 2012)

*Re: EGP - Echo Entertainment Group*

I guess Packer's intentions have been revealed a bit. But what I don't get is why the SP shot up after news of him increasing his stake to 10%? It seems clear that he only wants control of Echo to get The Star's licence so he can build a second casino in Sydney, which will then compete against The Star, so it's clearly not in the interests of Echo.


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## Ben L (6 March 2012)

*Re: EGP - Echo Entertainment Group*



Tyler Durden said:


> I guess Packer's intentions have been revealed a bit. But what I don't get is why the SP shot up after news of him increasing his stake to 10%? It seems clear that he only wants control of Echo to get The Star's licence so he can build a second casino in Sydney, which will then compete against The Star, so it's clearly not in the interests of Echo.




Supply and demand?

Guess Packer will have to pay a premium if he wants more of THE STAR..think he needs about %20 to force a vote.


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## ROE (6 March 2012)

*Re: EGP - Echo Entertainment Group*

Packers learn a few tricks from Stokes

and Stokes tactics he will play  

How to win control without paying a premium is Stokes trade mark...


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## Tyler Durden (13 May 2012)

*Re: EGP - Echo Entertainment Group*

Packer just appeared on 60 Minutes trying to sell Australia the idea that we need another casino in Sydney to attract Asian tourists.

I wonder if this shows his need to convince the regulators to let him buy more of EGP...


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## Tyler Durden (30 May 2012)

*Re: EGP - Echo Entertainment Group*

*JAMES Packer is making a stunning bid to replace the chairman of The Star casino with former Victorian premier Jeff Kennett.

The move is part of a takeover attempt under which he hopes to build a second casino at Barangaroo.

Mr Packer, who owns Crown in Melbourne, will announce today he will bring on an extraordinary general meeting of shareholders in an attempt to roll Echo Entertainment chairman John Story from his board position.

Because Mr Packer also owns a substantial shareholding in Echo, he has the right to call the meeting.

Echo must announce a meeting to vote on the proposal within 21 days and hold it within two months.

Mr Story refused Mr Packer a board seat two months ago when he raised his stake in Echo to 9.9 per cent, arguing he should not get one because Crown is a competitor.
Now they are shaping for a bare-knuckled fight.

Mr Packer already has an application before the Liquor and Gaming Authority to raise his stake in the company.

He has put a proposal to the state government to change NSW's one-casino licence to allow him to build a $1 Mbillion luxury hotel at Barangaroo that would include a high-rollers' casino.

Mr Kennett said he had accepted Mr Packer's challenge to go for the Echo board because he was excited about lifting Sydney out of its rut.

"It's probably true that since the building of the Opera House so many years ago, Sydney has not created a product of difference since then,'' he said. Mr Packer said yesterday he believed that Mr Kennett could turn Star into a world-class enterprise.
"Jeff Kennett is the best premier Australia has had in the last 30 years, in my opinion,'' he said.

"He knows how to get things done. He turned Victoria around in 10 years, from a basket case to the leading state in Australia.''

In a letter to shareholders to be released today, Mr Packer writes: "Crown has nominated Jeff Kennett as a director because Jeff can help turn Echo into a world class gaming and entertainment company.

"Jeff has an outstanding reputation for management, is independent, will represent all shareholders, and has proven experience in working with government.''
Mr Kennett said he wanted to help Echo "lift the bar'' at its casinos in Sydney and Queensland.

"I am excited by the opportunity to bring to Echo . . . the substantial experience I've had with first Lloyd Williams and then James Packer and Crown in Victoria,'' Mr Kennett said.

"Crown is not only the biggest employer in the state, but it has been a catalyst for so much of Victoria's tourism, attracting the biggest and best events in the nation.''
Mr Kennett said that as a member of the Singapore Tourism Board's advisory council he strongly urged the city state to allow the construction of casinos to tap into the huge growth of the high roller gambling market.
Mr Kennett said the proposed Barangaroo six-star hotel-casino complex had the potential to become a major city attraction.

"When you have a premium site you have got to make sure whatever you put on it is more outstanding than the site itself,'' he said.
"This has the potential to not only create a huge amount of employment and associated economic benefits for NSW, but also to be a wonderment of and for Sydney.''

Mr Kennett criticised Premier Barry O'Farrell last year for failing to attend the opening of The Star following an $870 million upgrade.

Recently, in a sign he was growing impatient with a lack of action in Sydney, he said Mr O'Farrell should hold a referendum in an effort to break an election promise and sell the $10-15 billion electricity poles and wires to build infrastructure to get Sydney moving.

Crown argued that shares in Echo had been allowed to fall to $3.70 before Mr Packer's purchase of shares raised them by almost a dollar.

A Crown source warned: "James isn't going away. If he misses this one he'll wait until he gets more shares then he'll call another general meeting, then another one. He'll get there eventually.''*

http://www.news.com.au/business/james-packer-in-casino-wars/story-e6frfm1i-1226373291918

Didn't seem to affect the SP today at all.


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## Bazmate (8 June 2012)

*Re: EGP - Echo Entertainment Group*

John Story is gone...

Think I'll put another little bet on James here.....


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## Tyler Durden (8 June 2012)

*Re: EGP - Echo Entertainment Group*



> Update Echo Entertainment chairman John Story has resigned from the board of the casino operator, blaming James Packer's efforts to remove him.
> 
> "The board of Echo has formed the view that the ongoing disruptive campaign ... for the removal of Mr Story was damaging to the company, and that it was in the best interests of shareholders that Mr Story not contest the resolution," Echo said in a statement today.
> 
> ...




http://www.smh.com.au/business/echo-chairman-bows-to-packer-pressure-20120608-20094.html

I was thinking of getting some at $4.26 before this news...damn my reluctance.


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## Tyler Durden (8 June 2012)

*Re: EGP - Echo Entertainment Group*

_*John Story, until a few hours ago the chairman of Sydney's Star casino owner Echo Entertainment Group, has discovered that there are no mates in the boardroom of a public company under siege - particularly when the hand grenades are being lobbed over the wall by James Packer.

Packer's Crown casino group jettisoned its call for a shareholder meeting to remove Story just hours after Story was jettisoned by his "colleagues".

Crown has not, though, backed away from wanting its man, former Victorian premier Jeff Kennett in Echo's boardroom "but we appreciate that this will be best achieved with the support of the Echo board".

Echo's statement to the market this morning left no doubt that Story was pushed out the window by fellow non-executive board members John O'Neill, Brett Paton, John Redmond and Anne Brennan.
Their excuse for throwing Story to the wolves was that Packer's very public campaign was "damaging to the company".

That is inverted thinking on a grand scale. A rival casino owner, Packer's Crown, mounts a campaign to seize control of Echo without the good grace to offer a premium to all shareholders - and the target company's board reckons resistance is damaging?

Packer pressure
A board's responsibility is to direct a company's management to produce a profitable outcome for its investors, employees and community - do that, and your reputation looks after itself.

Packer has had his eyes on controlling Echo since it was separated from Tabcorp in June last year, confirming barely two weeks after the first Echo share traded on the market that his Crown casino operation had its foot on almost 5 per cent of its rival.

Earlier this year he stepped up the pressure, taking his holding to just short of 10 per cent and seeking state approval to go higher, then twinning that with pressure for board representation.

In the past few days Packer has requisitioned a meeting of Echo shareholders to depose Story and put Kennett on board, and funded a series of attack advertisements in national newspapers excoriating the hapless Story's record as a chairman - not just at Echo, but at Queensland's bank assurance group Suncorp.

Packer might have a point about Story's performance - but he is an opportunist, not an altruist, and it seems disingenuous to keep presenting himself and Crown as acting in the best interests of Echo shareholders.
Neither Echo's new acting chairman John O'Neill, nor fellow director Brett Paton are naive enough to think that sacrificing Story will end the Crown/Packer campaign.

O'Neill's long experience in NSW business and national sport, means that he knows exactly how the Packers play the game, and Paton is a graduate of investment bank UBS which has done, and is still doing, much business for Packer.

They are well aware that if Crown does not get what it wants from "exploring opportunities to work together to create value for all shareholders", Story may not be the last Echo director to leave the boardroom under pressure.*_

http://www.smh.com.au/business/unhappy-ending-for-echos-story-20120608-200xz.html

Good point on the inverted thinking.


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## Tyler Durden (12 June 2012)

*Re: EGP - Echo Entertainment Group*

*Casino operator Echo Entertainment plans a capital raising, which could help support its high-roller business, amid speculation that two of its largest shareholders are preparing to discuss a possible alliance.

Singapore gaming operator Genting said on Friday it had taken a stake in Echo, raising the prospect of a battle for control of the $3 billion casino company with billionaire rival James Packer, who holds a 10 per cent stake.

The Australian Financial Review said that Mr Packer and Genting Chairman Lim Kok Thay are expected to meet to discuss a possible agreement that could include Mr Packer's plans for Echo and a potential entry for Genting to Macau.

A Packer spokesman did not return a call seeking comment. Genting declined to comment.

Echo, which owns Sydney's only casino and the Jupiter's casino on the Gold Coast, asked for a trading halt in its shares pending the announcement of the capital raising. The company did not give any details on the size of the planned raising.

Shares in Echo have gained a quarter so far this year, comfortably outperforming the benchmark S&P/ASX 200 Index, which is flat.

Nomura analyst Nick Berry said the proceeds would most likely be used to cut debt after the company's gearing level nudged the top end of his comfort range after a writedown on the VIP business.

Mr Berry said in a research note that Echo could raise up to $250 million from shareholders.

Last month, Echo said it would book a writedown of $29.9 million for its international VIP business, after a junket partner called SilkStar collapsed leaving bad debts and some of the VIP players it had introduced to Echo also leaving debts outstanding.

Echo also said the high-roller business at its Sydney Star casino and its three Queensland casinos had come in below estimates. Analysts have said the Sydney casino's refurbishment costing some $870 million has not led to a substantial pick-up in revenue.

Mr Packer wants to use Echo's licence to build a new casino complex in Sydney to attract more Asian high-rollers and has been agitating for change at Echo. On Friday, he succeeded in ousting the company's chairman.

Analysts speculated that Genting, Southeast Asia's largest gaming group, was preparing for an acquisition, having built up a war chest of $S3.9 billion ($3.15 billion), and said Echo's Sydney casino would be the prize.*

http://www.smh.com.au/business/echo...e-sale-20120612-206r4.html?rand=1339473897311

Also: http://www.smh.com.au/business/echo-raises-stakes-with-share-sale-20120612-207cj.html


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## Tyler Durden (19 June 2012)

*Re: EGP - Echo Entertainment Group*



> Malaysian gaming operator Genting has lifted its stake in casino operator Echo Entertainment with the purchase of 19.26 million shares worth $82.6 million.
> 
> The shares represent about 2.8 per cent of Echo, lifting Genting's stake to more than 7 per cent after the company started investing in Echo earlier this month.
> 
> ...




http://www.smh.com.au/business/genting-lifts-stake-in-echo-entertainment-20120619-20l44.html


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## Tyler Durden (3 July 2012)

*Re: EGP - Echo Entertainment Group*



> A move by regulators to allow Perpetual to lift its potential stake in casinos operator Echo Entertainment Group has raised the possibility that other Echo shareholders may also gain approval to lift their stakes.
> 
> The NSW Independent Liquor and Gaming Authority and the relevant Queensland minister have granted approval for Perpetual Investment Management to increase its potential maximum voting power in Echo from 10 per cent to 15 per cent.




http://www.smh.com.au/business/perpetual-gets-approval-to-lift-echo-stake-20120703-21e5g.html

My bet is they will also allow Genting and Packer to increase their stakes.


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## Tyler Durden (31 July 2012)

*Re: EGP - Echo Entertainment Group*



> IT IS believed a plan to carve the ownership of Echo Entertainment three ways has been considered by James Packer's Crown and Malaysian billionaire K. T. Lim with the knowledge of the Echo board.
> The plan is that each of the gaming heavyweights would own 25 per cent, with minority shareholders owning the remaining 50 per cent.
> This would presumably pave the way for Mr Packer to realise his dream of using Echo's casino licence in New South Wales to build a second casino at Barangaroo on Sydney's CBD foreshore.
> The scenario would fit in with both Genting and Crown seeking NSW regulatory approval to increase their holdings beyond 10 per cent. Crown's decision to seek up to 25 per cent is also in keeping with the plan.
> ...




http://www.smh.com.au/business/threehander-on-echos-cards-20120730-23a2v.html


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## Tyler Durden (12 August 2012)

*Re: EGP - Echo Entertainment Group*



> Crown said yesterday its preferred option remained a deal that would utilise Echo's casino licence for its Barangaroo hotel.
> 
> The second option would be a casino licence directly from the New South Wales government, which would necessitate a compensation payment to Echo.




http://www.smh.com.au/business/high-rollers-lift-their-game-20120810-23zx0.html

Either way, I can't see this as turning out good for Echo, because it means there'll be a huge competitor in NSW...for the high rolling VIPs. Currently giving some serious thought to reduce my holding


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## Tyler Durden (21 September 2012)

*Re: EGP - Echo Entertainment Group*

*Genting Hong Kong says it still wants approval to acquire more shares in casino operator Echo Entertainment Group even though its counterpart in Singapore has decided to sell its stake in Echo.

Genting Hong Kong and Genting Singapore are both part of Malaysian conglomerate Genting Group, which has interests in gambling, power generation, oil palm plantations, property development, and oil and gas around southeast Asia.

Genting Hong Kong and Genting Singapore became substantial shareholders in Echo in June 2012, together holding about 9.9 per cent of Echo's shares.

Echo's constitution and agreements with the NSW Independent Liquor and Gaming Authority and the Queensland Office of Liquor and Gaming Regulation restrict anyone from owning more than 10 per cent of Echo unless they gain permission to go above that limit.

Genting Hong Kong said in a statement lodged with the Australian Securities Exchange on Thursday that it had noted an announcement by Genting Singapore on Wednesday that Genting Singapore had decided to sell its 4.8 per cent stake in Echo.

"[Genting Hong Kong] will continue to hold its investment in Echo Entertainment and remains committed to the application to the NSW Independent Liquor and Gaming Authority and Queensland Office of Liquor and Gaming Regulation for approval to acquire more than 10 per cent voting power in Echo Entertainment," the company said in a statement.

Genting Singapore said yesterday that it had entered into an agreement with Citigroup Global Markets Australia to sell its Echo stake on the Australian Securities Exchange in a block trade at $3.99 a share.
Genting Singapore said it had decided to sell the Echo shares after a review by the company to rationalise its investments portfolio.

The James Packer-controlled casinos group Crown is also seeking permission from regulators to lift its stake in Echo, which currently is just under 10 per cent.

Crown has applied to regulators in NSW and Queensland for permission to lift its stake in Echo to up to 25 per cent.

Crown has been upgrading its casinos in Melbourne and Perth in a move to entice more high-rolling VIP gamblers from Asia but wants a presence in Sydney where Echo operates the only casino, The Star.
Echo also operates casinos in Brisbane, the Gold Coast and Townsville in Queensland.

Mr Packer's Crown wants to build what it describes as the world's best hotel at Barangaroo in Sydney and is seeking to incorporate a VIP-only gambling facility into the hotel, which would require approval from the NSW government and gaming authorities.

Shares in Echo are 23 cents, or 5.61 per cent, lower at $3.87.

Morningstar analyst Michael Wu said Echo shares were falling as some of the value added to the stock by takeover speculation was wiped off.

"Genting selling down half their stake is a negative," Mr Wu said.

But Mr Wu said Genting lifting its share in Echo at some later time was still an option.*

http://www.smh.com.au/business/genting-hong-kong-still-in-the-echo-game-20120920-268qs.html

Is this a case of look at their actions and not their words?


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## Tyler Durden (27 September 2012)

*Re: EGP - Echo Entertainment Group*

*Echo Entertainment’s chief executive Larry Mullin has joined the exodus of talent from the casino operator’s senior ranks as James Packer’s Crown builds pressure on Echo to form a joint venture that will share VIP gamblers in Sydney with its southern rival.

In an announcement from Echo today, Mr Mullin announced he will ‘‘complete his time with the company’’ and step down early next year.

In early trade, Echo shares were down 4 cents, or 1.1 per cent, to $3.71.

The announcement comes the same week that Echo director Brett Paton resigned effective immediately amid allegations of a falling out with chairman John O’Neill.

Mr O’Neill became chairman in June after his predecessor John Story was forced to resign after pressure from Crown - which has a 10 per cent stake in Echo - to remove him.

Mr O’Neill said today that Mr Mullin would oversee completion of the redevelopment at The Star, which will be concluded with the opening of the new events centre at the end of this year.

The Star’s $750 million redevelopment was thrown into turmoil early this year when its managing director Sid Vaikunta was sacked due to ‘‘his behaviour in a social work setting’’.

The departures thin the ranks of Echo’s board at a time when the company is attempting to fend of two potential suitors.

Malaysian resorts and casino operator Genting sold down a 4.8 per cent stake in Echo last week that was held by its Signaporean arm but its Hong Kong operation confirmed plans to more than double its 5.1 per cent stake if it gets approval from the casino regulator.

Crown has also applied to lift its stake to 25 per cent.

Mr O’Neill said the board has appointed a recruitment firm to undertake a global search for a new chief executive and is ‘‘well advanced’’ in appointing an additional non-executive director. It is also finalising further appointments.
*

http://www.smh.com.au/business/echo-chief-larry-mullin-joins-exodus-20120927-26mgr.html

Don't know what the hell is going on with EGP...


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## Tyler Durden (5 October 2012)

*Re: EGP - Echo Entertainment Group*



> Echo Entertainment shares rose today after a botched share raid yesterday evening was taken as a sign that the battle of the billionaires on its share register has heated up again.
> 
> Investors confirmed to BusinessDay that RBS was in the market Thursday evening for 40 million shares at $3.90.
> This was just a 5 cents a share premium to the stock’s previous close and too little to tempt shareholders who also have James Packer’s Crown Ltd on the register.
> ...




http://www.smh.com.au/business/echo-jumps-after-failed-share-raid-20121005-2748n.html


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## Tyler Durden (11 October 2012)

*Re: EGP - Echo Entertainment Group*



> IT will be 2019 before James Packer can have his casino at Barangaroo and it will require a change to the one casino licence policy in NSW, Premier Barry O'Farrell confirmed yesterday.
> 
> There has been speculation that Mr Packer, who is launching a bid to increase his stake in Echo, The Star's parent company, would use that licence to open a high-rollers' room at a six-star hotel he has promised to build at Barangaroo.
> 
> ...




http://www.news.com.au/realestate/n...rangaroo-on-hold/story-fnd91nhy-1226492368263


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## Tyler Durden (1 December 2012)

*Re: EGP - Echo Entertainment Group*

Echo finally strikes back...

*ECHO Entertainment has launched the first salvo in its campaign to persuade the New South Wales government that the NSW economy would receive a larger boost and a bigger tax haul by not granting James Packer's Crown a second casino licence at Barangaroo.

The Echo offensive will be an uphill battle given all indications are that Premier Barry O'Farrell's remaining approval stages are all but a rubber-stamping exercise.

Echo revealed it had big plans to develop several facilities around its existing Star casino in Pyrmont that would probably be jeopardised - or at least retarded - by the granting of a second gaming licence to Crown.

The economics of building what it describes as a more integrated casino would be threatened if it had to share existing revenues with another operator.

The case it is putting to the NSW government is that the game has moved on in the casino world. The new driver of growth in visitors is the multifaceted attraction of an integrated casino, including conference and convention facilities, hotels, entertainment venues, a retail precinct and even theme parks.

Echo finance director Matt Bekier raises questions about whether the Barangaroo development being proposed by Crown would attract the 2 million visitors projected given the development's relatively small size.

''On our reading, there is significant potential to apply that concept of integrated resorts in Australia, but we are a very mature [market],'' he says.

Per head, Australia has one of the highest gambling spends in the world, of which only 18 per cent goes to casinos.

''The idea of a hotel tower with a bit of gaming in it is not going to be the proposition that grows the market. Anyone [in Australia] that wants to gamble right now is probably already gambling,'' Bekier says.
And, when it comes to bringing in new players from overseas, Bekier maintains that high-spending VIPs want the large-scale integrated resorts.

''They don't want to be locked away in a stand-alone resort where they have three restaurants to choose from. That's been tried in small clubs in London and hasn't really worked.''

Echo sees Barangaroo as more likely to siphon off the Star's local VIP market, which over the past year has grown - in part by taking some of Crown's custom.

Star is the closest thing Australia has to an integrated resort but Bekier contends it doesn't yet have critical mass.

Echo's $870 million expenditure program is only the start - the idea being that it will start to generate sufficient cash over the next five years to allow Echo to invest in new facilities, including more gaming areas close by, and potentially using hotels and retail at Darling Harbour.

Echo has even looked at somehow using Sydney's soon to be dismantled monorail.

''That's where we see opportunity. But that sort of investment, where most of the money goes into non-gaming, is only viable if we have one casino - if you have to cut earnings too many different ways you can't invest in the iconic development and non-gaming infrastructure. We need to encourage people to show up.''

Echo's second campaign plank is tax. On its international high-roller business both casinos would be taxed at the lower rate of 10 per cent.

However, once domestic premium-player revenues grow beyond a certain point the tax rate scales up progressively from 27.5 per cent. Splitting this premium-player income between Barangaroo and Star could ultimately reduce the tax take for the NSW government.

Meanwhile, there is still uncertainty over whether Packer's plan to invest $1 billion in Barangaroo and open for business when Echo's exclusive NSW licence expires in 2019 is his preferred option. Crown entered the battle to get into the NSW market by taking a 10 per cent stake in Echo and attempting to negotiate a joint venture at Barangaroo. Some still see this as Packer's first preference.

His real agenda and that of Echo's other big shareholder - Asian gaming operator Genting - will become clearer when they are granted regulatory approval to increase their stakes beyond 10 per cent. Genting is sitting on 7 per cent and has intimated the Sydney market would hold less appeal for further investment if Crown got a second licence.*

http://www.smh.com.au/business/echo-argues-no-new-licence-best-for-tax-gatherer-20121130-2amey.html


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## Tyler Durden (12 December 2012)

*Re: EGP - Echo Entertainment Group*



> John Redmond, the former head of major casino groups in the United States, has been named the new chief executive of casino owner Echo Entertainment.
> 
> As flagged by BusinessDay this morning, Mr Redmond will take on the job in January, once all regulatory approvals are received. He replaces Larry Mullin, who announced his resignation in September.
> 
> ...




http://www.smh.com.au/business/us-casino-boss-gets-top-job-at-echo-20121212-2b8p7.html

SP up 3.23% today after the news.


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## Tyler Durden (10 May 2013)

*Re: EGP - Echo Entertainment Group*

EGP should shoot up on Monday morning:



> The NSW casino regulator has given the green light to James Packer’s Crown to lift its stake in Echo Entertainment.
> 
> Crown applied in February last year to lift its stake in the rival casino operator from 10 per cent to 25 per cent.
> However, the Independent Liquor and Gaming Authority (IGLA) will only allow Crown to lift its stake to 23 per cent, not the requested 25 per cent.




http://www.smh.com.au/business/crown-gets-go-ahead-to-lift-echo-stake-20130510-2jd58.html


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## Tyler Durden (25 May 2013)

*Re: EGP - Echo Entertainment Group*

Crown sold it's stake in EGP on Thursday night, sending the SP to an all-time low yesterday of $2.99. Either they are extremely confident in their Barangaroo application, or they have gotten a "wink wink" from the NSW government.



> James Packer is used to getting what he wants, even if it comes at a price.
> 
> The sale of Crown’s 10 per cent stake in rival casino operator, Echo Entertainment, on Thursday evening crystalised a loss as high as $38 million, according to analysts.
> 
> ...




http://www.smh.com.au/business/packers-one-shot-at-barangaroo-20130524-2k6d8.html


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## Tyler Durden (23 June 2013)

*Re: EGP - Echo Entertainment Group*

Some details of EGP's plans in NSW have been leaked:



> The spending outside casino areas in Echo's plans is being used to differentiate the bid from Crown's high-rise Barangaroo hotel proposal, with Echo saying it is "clearly pitched at Sydneysiders just as much as VIP high rollers".
> 
> The centrepiece of Echo's pitch is to connect the three precincts with a new commuter and cycle bridge called City Link Bridge. It would connect Darling Island where the Star is located to the southern end of Barangaroo.
> 
> ...




http://www.smh.com.au/nsw/star-looks-beyond-pyrmont-20130622-2opgf.html


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## Tyler Durden (4 July 2013)

*Re: EGP - Echo Entertainment Group*

EGP loses to CWN in bid for monopoly in NSW. Both companies put into trading halt before today's announcement. My view is that EGP will get smashed when it comes out of the trading halt, but the analysts don't think the fall will be that great:



> Analysts warned this afternoon the stage 3 approval win by Mr Packer - which is highly likely to lead to a full approval for his casino development - wouldn’t necessarily cause a huge rally in Crown stock, and that likewise Echo shares shouldn’t plummet too far either.
> 
> Credit Suisse analyst Larry Gandler said he had a valuation of $2.60 to $2.90 on Echo shares if Mr Packer’s casino and development at Barangaroo went ahead as planned.
> 
> Mr Gandler said before the announcement and trading halt in Echo shares today, the market seemed to be reflecting in its share price a 50 per cent reduction in VIP turnover in 2020 and a 20 per cent reduction in private gaming room revenue as the new Crown in Sydney opened for business and started to poach customers.




http://www.smh.com.au/business/crown-wins--but-its-not-the-jackpot-20130704-2pdrq.html


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## Tyler Durden (9 November 2013)

*Re: EGP - Echo Entertainment Group*

Going through my old bookmarks, it's always interesting to look at things in hindsight. Back in June 2012 this was considered a 'hot stock':



> *Price* Since its split from Tabcorp, Echo's share price has sagged, hitting $3.42 in February. The emergence of Crown on its share register bumped the price up above $4.60 early last month, but it slipped to as low as $4.26 on Friday before closing at about $4.37.
> 
> *Worth buying?* Most speculation has centred on a potential takeover bid of Echo Entertainment by Crown. That remains a possibility but there are plenty of other permutations available before Echo's fate is decided.
> The stock already has an element of takeover speculation built into it, but if a bid doesn't eventuate, its operating performance will be all it has to support the price. As the Sydney refurbishment has unfolded, it's not at all clear that Echo is on a winner at The Star.




http://www.smh.com.au/money/investing/hot-stock-echo-entertainment-20120605-1zti8.html

Obviously the takeover never happened as Packer pulled out and said he'd build his own damn casino across the waters. EGP closed at $2.45 on Friday.


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## notting (11 April 2014)

*Re: EGP - Echo Entertainment Group*

At first I though Matt Bekier must be incredable!! 12% jump on his appointment on a fairly negative day! WOW.
Then I saw this.  



> normalised gross revenue across the group grew by 5.7% on the prior
> comparable period (+13.2% on an actual basis).
> For the domestic business, excluding the
> VIP Rebate business, revenue grew 6.4% on the prior comparable period, with gaming
> revenues in both Sydney and Queensland showing growth



Makes a bit more sense.
Looks like pokie machines are back in vogue. (as figure excludes high rollers)


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## skc (11 April 2014)

*Re: EGP - Echo Entertainment Group*



notting said:


> At first I though Matt Bekier must be incredable!! 12% jump on his appointment on a fairly negative day! WOW.
> Then I saw this.
> 
> 
> ...




I HATE IT WHEN THE ANNOUCNEMENT TITLES DON'T COVER THE TOPICS WITHIN THE ANNOUNCEMENT!!!

Yes... I hate it so much that I had to use ALL CAPS.

How bloody hard was it to say in the title "CEO appointment AND TRADING UPDATE"?!

I can understand that when they try to hid a bad announcement. But why hide a good update?

Actually... I guess it rewards those who bothered to read the announcement, and provides trading opportunities that would not be there otherwise. 

Just not my day that I couldn't even pick these kind of low hanging fruits.


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## VSntchr (11 April 2014)

*Re: EGP - Echo Entertainment Group*



notting said:


> At first I though Matt Bekier must be incredable!! 12% jump on his appointment on a fairly negative day! WOW.
> Then I saw this.




LOL!
My first thoughts "echoed" yours Notting :


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## issh (20 July 2015)

*Re: EGP - Echo Entertainment Group*

Definitely a stock to watch tomorrow

http://www.brisbanetimes.com.au/bus...n_code=nocode&promote_channel=social_facebook


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## Wysiwyg (20 July 2015)

*Re: EGP - Echo Entertainment Group*



issh said:


> Definitely a stock to watch tomorrow



Once all the coal mines close then tourism in Qld. will be the main play. This precinct is advertised as lavish and likely to be affordable by wealthy Asian visitors and retiree Aussies with sizable nest eggs.


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## notting (21 July 2015)

*Re: EGP - Echo Entertainment Group*

QUEEN’S WHARF BRISBANE Project commitment



> "Tourism is going to be the next mining boom"




Love it!
Oi Oi Oi

Re-EGP, there will bloody well need to be. 
Major role of the dice.


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## notting (4 November 2015)

*Re: EGP - Echo Entertainment Group*

The fantasy ~ 



> "The increasing wave of Asian tourism, particularly from China, has the potential to be our next mining boom," Mr Bekier said. "To capture our fair share of this opportunity, we need more tourism infrastructure – especially in the high end accommodation category."
> 
> Read more: http://www.theage.com.au/business/m...-for-rally-20151103-gkq4xf.html#ixzz3qUEB273C
> Follow us: @theage on Twitter | theageAustralia on Facebook




The reality ~



> "Chinese demand for global property could fall by 30 per cent" this year, Credit Suisse analysts Damien Boey and Hasan Tevfik estimate in a recent research note. And that trend looks to have extended to Australia.
> 
> "Chinese bidders have reportedly been less active in foreign property markets" since the August devaluation of the yuan, the analysts say. The key factor driving reduced Chinese demand for foreign bricks and mortar is not tighter capital controls, but the less confident and wealthy Chinese consumer.
> 
> ...




Starting to go short.


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## System (16 November 2015)

On November 16th, 2015, Echo Entertainment Group Limited (EGP) changed its name and ASX code to The Star Entertainment Group Limited (SGR).


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## notting (21 October 2016)

:badsmile:





Perhaps we should build for the low rollers instead. But we could be getting all those fly in CWN launderers for a while in QLD.

I guess if you take a 7 year view, there could be a lot of laundering again when Xi has left office.  Short term? Not so good.


The Chinese communist party monsters have a history of waiting for the leader with half a brain to leave office before they go back to being total psychopaths once again.  Let the good times role.........


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## kahuna1 (14 June 2019)

From another thread ...

But hold SGR ... adding slowly into this sell-down.

Hmmm ....

well the update was not great. Its been written on the wall the difficulties it has been under for some time.
It is NOT worthless despite the current spate of selling.
It makes money, just not as much a growth story as it once was thought to be.
Retirement and annuity funds are a much needed tool with longer life expectancy.

That said, I don't think their dividend is too much under threat. Much like my views on banks pre election. One hand the 7% dividend there unlikely to grow over time and ... well say under $25 for some a couple of times it was a buy and feeling like a bank teller with all the financials and magic rallies of 10% .... only to be hit with reality as we are seeing now. Banks well off highs and new capital requirements the latest impost. Suspect we revisit those old lows .

CGF, whilst the absurd strong buy calls and targets of $12 now replaced with 8-9 ones. The share price obviously has had a cow at $6.50 as though the world has ended. We seem to be seeing this with a lot of stocks from AGL going maybe we buy a telco for 20% of market cap and shedding 10% in the blink of an eye MORE than the bloody thing would cost. WES another doing much the same with the Lynas deal which by the way would have been brilliant had they done it given the uncertainty over those minerals and the price shed for a massive company 20%  to absurd levels only to rally as they gave out a massive bonus to now .... Retail side and even Bunnings sales not so hot. Again suspect they revist the $32- levels .... irrespective of the ASX.

CGF as opposed to banks has a brighter long term outlook for profits as its product is so niche and specialized and likely in more and more demand all be it slowly, they eventually will get their game sorted. So ... for me ...  its much like some other absurd price flops a BUY down here and lower.

SGR similar, Star Casino and whilst a love rally as Packer seemed to sell well above market, only to fall through, casinos are if decently run hard to loose on. Trump did but was so stupid and leveraged as well as a crook they failed. Something worth $5.50 absurdly 12 months ago but above $4.50 at $3.60 low is ignoring all else, eventually as your paid a decent dividend becoming cheap.

CGF ... well at $5.60 a 5.4% yield and fully franked. Things obviously not so good and they can only improve. I note for most of the stocks mentioned above CBA and Now perpetual announcing its sold out.

Nothing like taking your loss.
Not sure ... they are correct.
I own and will slowly add as I did with say APA as it was shredded 15% to $8.50 and now is at $11=

Levels ... and risk size small given the current state of affairs there. Not trading, its longer term for better or worse. Bigger holds if I should be so lucky to get re-entry into say some banks I lightened up upon of late. As for APA I have reduced and taken most off the table with a mere core token holding.

Take care


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## So_Cynical (15 June 2019)

Star group - i had a look the other day, Sydney is a construction site as is the Gold coast, south bank is a hole in the ground, they are spending on hotel rooms and residences at the wrong time - the timing is terrible, the property's are wonderful but to be building everywhere at the end of a construction boom is crazy, i passed thru the star tonight (working) and jeez it was quiet for a Friday night 9pm.


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## Smurf1976 (19 June 2019)

So_Cynical said:


> i passed thru the star tonight (working) and jeez it was quiet for a Friday night 9pm.



I don't know much about the financials of the company but it's always good to hear first hand observations of how businesses are going.


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## So_Cynical (16 March 2020)

The Star is turning off every second pokie to maintain social distancing, down 23% today to close at 2.01


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## Miner (11 October 2021)

Star got big hammering with media report - is it the beginning of another Royal Commission like CWN with zero outcome excepting holes of the investors ??


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## KevinBB (11 October 2021)

Miner said:


> Star got big hammering with media report - is it the beginning of another Royal Commission like CWN with zero outcome excepting holes of the investors ??




Hope not. They are down 20% today. According to other parts of the forum I should be selling because they are 20% off their highs. Me, being the contrarian, just bought a little bit as a speculative purchase.

KH


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## aus_trader (11 October 2021)

I think what's reported and media speculation would not have caused such a sell off normally.

I think in the current environment, given Star has Asian exposure the selloff probably was a bit exacerbated.


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## Miner (11 October 2021)

aus_trader said:


> I think what's reported and media speculation would not have caused such a sell off normally.
> 
> I think in the current environment, given Star has Asian exposure the selloff probably was a bit exacerbated.



Put a buy order at 3.3 thinking it will never happen and just bought.
Now I am panic mode if the price goes to 3 tomorrow.


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## aus_trader (11 October 2021)

In the normal periods of the market, I would be trading along you guys @Miner , @KevinBB .

But the added uncertainty about risk-off attitude towards anything exposed to China and Asian economy just worries me if there is further downside left...


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## peter2 (11 October 2021)

Price falls 23% after media programme alleges criminal activity and you "desperates" buy it.

You'll get better odds gambling inside the casino.


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## KevinBB (11 October 2021)

peter2 said:


> Price falls 23% after media programme alleges criminal activity and you "desperates" buy it.
> 
> You'll get better odds gambling inside the casino.



I was thinking exactly the same thing when I bought, and won't give it much more room before I get out of it.
KH


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## aus_trader (11 October 2021)

I think @peter2 might be on the right track on this one...

Given the nature of the announcement (below) and the company's Asian casino exposure it may be higher risk play than the 'run of the mill' type of "buy the dip" trades that we participate in when the market conditions are favourable.


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## Miner (11 October 2021)

aus_trader said:


> I think @peter2 might be on the right track on this one...
> 
> Given the nature of the announcement (below) and the company's Asian casino exposure it may be higher risk play than the 'run of the mill' type of "buy the dip" trades that we participate in when the market conditions are favourable.






aus_trader said:


> View attachment 131410



Thanks, @aus_trader, @peter2 for your candid and transparent opinion. I felt stupid to be greedy to gamble (ironically my astrological forecast did say,  not to step into any transaction today out of greed).
Hoping there will be time to sell off today's purchase (BT A/c does not allow sell immediately until the money comes into their account) with a minimum loss.
Noticed @KevinBB also got trapped like me. $213 M worth shares transacted and a fine print at the top of Commsec listing which is not just the press report but as @aus_trader mentioned - economy crisis in China and effect of Evergrande fear.


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## Miner (12 October 2021)

Miner said:


> Thanks, @aus_trader, @peter2 for your candid and transparent opinion. I felt stupid to be greedy to gamble (ironically my astrological forecast did say,  not to step into any transaction today out of greed).
> Hoping there will be time to sell off today's purchase (BT A/c does not allow sell immediately until the money comes into their account) with a minimum loss.
> Noticed @KevinBB also got trapped like me. $213 M worth shares transacted and a fine print at the top of Commsec listing which is not just the press report but as @aus_trader mentioned - economy crisis in China and effect of Evergrande fear.
> 
> View attachment 131412



Good morning Team
Right or wrong, after reviewing what has been said on this forum and reading today's newspaper - i have cut my losses and got out of SGR.
If price rises then it was an opportunity loss but if price lowers further, then thanks to ASF and media for stopping the losses of my fund.


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## KevinBB (12 October 2021)

KevinBB said:


> just bought a little bit as a speculative purchase.



I'm out now, too. I need to stop these spec purchases, and just work with the system.
KH


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## Miner (12 October 2021)

KevinBB said:


> I'm out now, too. I need to stop these spec purchases, and just work with the system.
> KH



@KevinBB  - looks like now two gambling partners paid their prices to gamble on a gambling company SGR and learnt enough for good .
The loss on this stock I would take as price for learning  
Honestly feeling very stress free.


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## aus_trader (12 October 2021)

Miner said:


> @KevinBB  - looks like now two gambling partners paid their prices to gamble on a gambling company SGR and learnt enough for good .
> The loss on this stock I would take as price for learning
> Honestly feeling very stress free.



Good on you guys, it kept on falling today, so a penny saved from further downside is a penny earnt


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## Miner (12 October 2021)

aus_trader said:


> Good on you guys, it kept on falling today, so a penny saved from further downside is a penny earnt



@aus_trader  and @peter2 
many thanks for helping me to act pennywise to save my hard earned dollars  🙏  🙏  🙏


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## KevinBB (12 October 2021)

Hi @Miner and @aus_trader

I bought SGR for a quick bounce, and when that bounce didn't happen, there was no longer a reason for holding.

Some time ago I stopped these one-off purchases, and have been just holding IOZ in the ASX market, and concentrating on other systematic investments (futures). It looks like I'll have to get a good ASX system going to keep me on the straight and narrow.

KH


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## aus_trader (12 October 2021)

KevinBB said:


> Hi @Miner and @aus_trader
> 
> I bought SGR for a quick bounce, and when that bounce didn't happen, there was no longer a reason for holding.
> 
> ...



Good on ya @KevinBB , we all do some of these one off purchases hoping to make a quick buck. But what I found was if you take the outcome over large sample of trades, then there is a -ve outcome i.e. an overall loss  

Unfortunately we generally only remember the wins, with those stocks that did a quick 180 and rallied giving us a rapid profit.

So I look for favourable market conditions where the overall market is trending up when looking for stocks to trade. Researching stocks with great potential to include in the 'speculative stock portfolio' during this period. However I will wait for the markets to be in favour of long positions before I buy any. It'll be the same for the breakout stocks.


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## MatttSAU2XR8 (13 October 2021)

New poster here but have been lurking for a while. Can't help wondering if SGR might not be a bad buy at/around $3.20 if held for a year or two given:
- Previously spent a lot of time at/over $4.00 which presumably represented a reasonable rate of return
- Market capital now around $3.1B
- Going back to pre-COVID, i.e. 2019,  yearly profit after tax around $200 million which if regained would suggest ROI of 6.5 % on current valuation, and dividends for 2019 were 20 cents per share also, so would be 6.5 % on current price...
- For 2021 year total assets (not including intangible) seem to be around $3.5 B, and liabilities around $1.7 B, so actual assets of at least $1.8 B, and 60 % asset backing, if this is the correct term, seems higher than most companies
- Morningstar had recently suggested a fair price would be around $4.57
- So, assuming they aren't put out of business be one or other government department, with the job losses that would also result, they could maybe be up around $4.00 again within a few years...?


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## MatttSAU2XR8 (18 October 2021)

Feeling pretty pleased about stocking up on these at $3.23. 

And have been reviewing company announcements since doing so and discovered:
- Directors have as recently as August been buying up small parcels of shares on market which I think means paying full price?
- IOOF bought up 5 % of the company in August and L1 financial group bought up 5 % on October 14, the latter at or around $3.50 per charts... Presumably not without expecting a significant gain from there
- Response to media reports on 12/10/2021 has SGR sounding fairly confident that they made and can demonstrate at least some effort to act on KPMGs recommendations as regards money laundering, in which case an investigation by regulators might not end up having such a significant outcome?

So now thinking to hold onto them at least until they get back into the 2019 trading range which seems likely within another year or so.

Interested if anyone has any thoughts on any downside risks in the pipeline though?


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## Miner (18 October 2021)

MatttSAU2XR8 said:


> Feeling pretty pleased about stocking up on these at $3.23.
> 
> And have been reviewing company announcements since doing so and discovered:
> - Directors have as recently as August been buying up small parcels of shares on market which I think means paying full price?
> ...



matt
Certainly you have been brave.
Unfortunately I was not so sold out at minor loss by taking a cautious move.
In stock market fortune shines for brave people. so enjoy the sunshine


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## aus_trader (18 October 2021)

When you successfully catch a couple of these falling knives you start to feel invincible. Do it over a 100 trades and hold over the long term to see your performance. You may come up with a brand new system that we old buggers in the trenches don't know about. Please share once you come up with it, we are happy to learn new gizmos to the arsenal.

I am only talking from a long term performance point of view. There are some short term traders who may be able to scalp a few points or pips out of falling knives and do it consistently.


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## MatttSAU2XR8 (18 October 2021)

aus_trader said:


> When you successfully catch a couple of these falling knives you start to feel invincible. Do it over a 100 trades and hold over the long term to see your performance. You may come up with a brand new system that we old buggers in the trenches don't know about. Please share once you come up with it, we are happy to learn new gizmos to the arsenal.
> 
> I am only talking from a long term performance point of view. There are some short term traders who may be able to scalp a few points or pips out of falling knives and do it consistently.



Thanks for the warning, will take this on board.  

Did occur to me that I may have been taking a bit of a risk and hence why asking about people's thoughts. 

I might just sit back and practice some 'virtual trades' for a while and see what happens.


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## MatttSAU2XR8 (18 October 2021)

And sold up the SGR. Probably about time anyway, tnx for the cautionary advice above


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## aus_trader (18 October 2021)

MatttSAU2XR8 said:


> And sold up the SGR. Probably about time anyway, tnx for the cautionary advice above



Well done on grabbing some short term profits.  

Don't get me wrong some well run companies can provide "buy the dip" opportunities when there is a price fall in a bullish overall market.

But if you ask around here, most seasoned ASF'ers would agree that most falling knife setups should be viewed with danger and I've had countless experiences thinking I am getting a bargain only to realise the bargain kept getting cheaper and cheaper shrinking the value of that purchase until it gets to a point I can't look at that stock again.

There is lots of ASF members who buy into strength on the other hand. Various members have written their methodologies using a stock's momentum to buy into it or *when the market is bullish* breakout trades can work out well in your favour, see some of the breakout threads for examples of these stocks in the past:
​Outstanding Breakout Alerts!​
Potential Breakout Alerts!​
etc...


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## Miner (18 October 2021)

MatttSAU2XR8 said:


> And sold up the SGR. Probably about time anyway, tnx for the cautionary advice above



Please share 10 pc of profit with @aus_trader and @peter2 .

This ASF is full of gems.


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## aus_trader (18 October 2021)

Miner said:


> Please share 10 pc of profit with @aus_trader and @peter2 .
> 
> This ASF is full of gems.



That's all good, I won't accept any profits. Not in a rude way but I am more than happy if people become more informed and educated with their decision making when it comes to stock purchases.

That's why posted some of the comments above to help people in the right direction.


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## MatttSAU2XR8 (18 October 2021)

Thanks again!

Funny story. Just after I sold them I noticed on Motley Fool that the SGR shareholders have engaged Maurice Blackburn lawyers to sue SGR for the recent price fall on the basis that poor control/surveillance of money laundering led to bad press and so on.

BUT given that they are they are all part owners of SGR I think this means they plan to sue themselves 

Unless they sold up at a loss I suppose and are now suing the current shareholders :-(


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## dyna (19 October 2021)

Yes, following on from the money laundering allegations and then The Star's cagey response ( quote: "misleading" ) , the class action buzzards , I mean lawyers, are circling.
With a 1/3 rd of it's value wiped off the market cap of $ 3.5 Billion , SGR is now trading below its book value of $ 3.80.


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## So_Cynical (20 October 2021)

Public money laundering hearings to be held from March to June 2022, so another 7 or 8 months of negative news flow to come, SP could very well bounce around for a while, still the assets are tier 1 as far as Aussie casino assets go, one for the income and long term holders i would think.


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## peter2 (29 March 2022)

The revelations from this inquiry have been disgusting.

Resignations aren't enough IMO. Mis-directors (liars)  should be barred from being senior execs for life. There should be criminal prosecutions for those breaking the law. This company doesn't deserve to hold a casino license and the regulators should lose their jobs also. It'll be white washed and a new group will take over the casino license under "closer" supervision by a new regulatory team. 

Luckily the shareholders haven't lost much yet.


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## Miner (29 March 2022)

peter2 said:


> The revelations from this inquiry have been disgusting.
> 
> Resignations aren't enough IMO. Mis-directors (liars)  should be barred from being senior execs for life. There should be criminal prosecutions for those breaking the law. This company doesn't deserve to hold a casino license and the regulators should lose their jobs also. It'll be white washed and a new group will take over the casino license under "closer" supervision by a new regulatory team.
> 
> Luckily the shareholders haven't lost much yet.



would you extend the same rules with politicians  or make the disgraced CEO of Star, a politician ?


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## Dona Ferentes (2 May 2022)

These outfits are the biggest _"wink, wink, nudge nudge" _outfits around



> Former Star CEO Matt Bekier also said he was “personally let down” by a slew of his colleagues in the VIP division and denied he or the board should have known the extent of the wrongdoing.



Really, dudes, what do you want? Centralised monitoring or a return to suburban dens that were totally unregulated/ open to shake-downs

This way, at least the sociopathically-inclined can gather, get photographed on CCTV so Special Branch can work out the relationships, pay a bit of CGT on the booze and have a meaningful time, and recycle the ill-gotten gains (- again a clip for the taxman). I mean, in Sydney, the "identities known to police" seemed to gather in the restaurants at Crown even though the casino had not even opened. Sort of claiming turf, I guess.

............
_just not an investible business for the retail mug, however._


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## peter2 (17 October 2022)

How much of the $100M fine are the former CEO and executive team plus the Directors going to pay?


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## Tyler Durden (18 October 2022)

lol SGR went up 8 cents today

I'm done. Will never try to understand the market ever again


----------

