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A year later... 50 cents.
Why can't they sell all the assets and liquidate the company. Surely would get more than 50 cents
SGR - The Star Entertainment Group
- Thread starter PT Cruiser
- Start date
Why can't they sell all the assets and liquidate the company. Surely would get more than 50 cents
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I'm getting more and more interested in Star. Now below 40 cents at a market cap of around $1.1 billion, however they are losing money based on the latest update. Net assets still around $2.5 billion - $300 million is intangibles, $1.7 is property, $400 is cash, not too bad for a distressed company.
They're all over the media looking like complete morons - however given how powerful a casino license is in Australia and how the media and government are essentially a monopoly/dictatorship I wouldn't be surprised if there is some behind the scenes shenanigans going on. Someone knows if they are going to keep their licenses - and I'm sure that/those people are investing accordingly. Sadly this is what makes an investment in Star a complete 100% gamble. There is absolutely nothing you can do to determine if they will be smashed by the government or not (not unless you engage in insider trading). And we've got no idea what influence the pokies have in all of this (well we know they have considerable pull over both labor and liberal politicians)
They're all over the media looking like complete morons - however given how powerful a casino license is in Australia and how the media and government are essentially a monopoly/dictatorship I wouldn't be surprised if there is some behind the scenes shenanigans going on. Someone knows if they are going to keep their licenses - and I'm sure that/those people are investing accordingly. Sadly this is what makes an investment in Star a complete 100% gamble. There is absolutely nothing you can do to determine if they will be smashed by the government or not (not unless you engage in insider trading). And we've got no idea what influence the pokies have in all of this (well we know they have considerable pull over both labor and liberal politicians)
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SGR can develop massage centres as well with different levels - bronze ( Asian, African and Indian) , silver ( Aussies and Europeans) , platinum ( real blonde and Latinos) .
Provide free platinum cards to Pollis as they get Chairman's lounge from some of the airlines.
All regulations approved, money flows into . SGR becomes blue chip.
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I went to the Star Casino in Sydney yesterday prior to flying home (had time to kill and went to play Poker).
My god, the process to get money on to the gaming floor.
Won't be investing in any casino related companies on the ASX that's for sure, it appears the cashless gaming cards are going to really cripple a lot of the revenue, and I wont be surprised to see other states follow suit.
My god, the process to get money on to the gaming floor.
- Arrive, have two different identity documents taken, primary and secondary (Drivers License + Bank Card)
- Photo of my self against my ID, and my signature (had to match exactly to the signature on the back of my drivers license, keep in mind this is just to enter the casino (gamign floor))
- I had cash, to enter poker I was then forced to join the loyalty program due to the gaming card regulation/responsible gambling and AML conditions, another 10 - 15 minutes of photos, ID documents and registration
- I get the cashier window to convert the cash into chips, they first take the cash, deposit it onto the card, make me sign a document confirming the $200 deposit on to my loyalty card.
- I then get $200 in chips and have to sign a document confirming the withdrawal.
Won't be investing in any casino related companies on the ASX that's for sure, it appears the cashless gaming cards are going to really cripple a lot of the revenue, and I wont be surprised to see other states follow suit.
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thanks for the heads up
not only won't i be investing in any ASX listed ( casino ) stocks ( because my DNA holding is so deep underwater even a sub won't get there
next time i feel the need to gamble i will head to little Asia .. i bet some one will take cash there
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Of interest..
www.crikey.com.au
The stench from Star Casino is enveloping the Queensland government
The Queensland government looks willing to do anything, including gagging the media and using taxpayer money to prop up a rotten company, in its quest for the Queens Wharf precinct to succeed.
www.crikey.com.au
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For $200?
If it were $ millions then perhaps reasonable to have checks and balances but $200?
Wow......
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Trading has resumed and the market isn't impressed.
Currently at 25c from previous close prior to suspension at 45c
Currently at 25c from previous close prior to suspension at 45c
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Wow, borrowed $200M at 13.5% interest. Loan sharks are onto a good thing.
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Is this the end for Australian casinos?
No money laundering, no profit it seems.
www.abc.net.au
No money laundering, no profit it seems.
How the end of money laundering sank Australia's casinos
Star Entertainment Group's shares bombed on Friday, losing close to half their already heavily discounted value, after the company narrowly avoided collapse, securing a last-minute $200 million bailout from its bankers.
www.abc.net.au
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Just another reason as to why casinos and gambling in NSW is not a favorable investment. No doubt these politics will spread to other states. I do wonder where the state governments will look to raise the revenue as the number of pokie machines reduce.
www.afr.com
Blackstone’s Crown knocked back in NSW pokies request
Sources said the proposal involved buying poker machines that would have otherwise been purchased by the NSW government under a five-year buyback scheme.
