Obviously there’s far more moving parts to CWN than just some nice hotels but the more people who can get out and about the greater the turnover at its casinos. This is a situation stock which is already in play with 10% shareholder US private equity giant Blackstone having re-entered the arena last month with a $12.50 bid, over 14% above yesterdays close while the AFR is reporting this morning that Star (SGR) could be back in the picture.
We feel its now inevitable that somebody will takeover CWN in the $12.50-13 region over the next year making accumulation below $11 a good risk / reward situation play.
MM likes CWN into weakness below $11
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