05/12/2024 09:51

Star Entertainment Group (SGR) 21c

SGR fell 6.7% on Wednesday, adding to its woes of recent years. Incredibly, SGR now only has a market cap of $600mn as it increasingly appears like a “penny dreadful.”

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02/05/2024 09:39

Star Entertainment Group (SGR) $0.40

A few times over recent years, we considered SGR as an aggressive “punt”, though not an investment-grade proposition for MM. However, management has continued to disappoint shareholders and the regulator on many issues, making us feel “what next”. We see further regulatory risks ahead for the company, including the ongoing fallout from the 2nd Bell Inquiry in NSW, plus potential negative revenue impacts from the introduction of responsible gameplay mechanisms.

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29/02/2024 16:56

Star Entertainments (SGR) $0.52

SGR +8.33%: the casino operator delayed their HY result given the recent announcement of a second review into the Sydney casino from the NSW Casino regulator. The company was aiming for ~$20m EBITDA per month at the AGM in August, coming in slightly below that run rate with $114m in the first half.

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27/09/2023 16:45

Star Entertainment (SGR) 63.5c

SGR -8.43%: the casino operator was back trading today after completing the bulk of a recapitalization raise that will vastly improve the balance sheet. Shareholders are able to buy 1 new share at 60c for every 1.65 held with the Institutional component of the entitlement offer raising $565m on 67% of rights taken up.

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26/09/2023 09:03

Star Entertainment Group (SGR) – Trading Halt

SGR is raising $750mn at 60c through existing shareholders and an institutional placement, plus they have secured another $450mn line of debt as part of a refinancing package, at this stage, they don’t plan to sell any assets.

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11/08/2023 09:25

Star Entertainment Group (SGR) 97.5c

SGR rallied +2.6% yesterday albeit off an extremely low base, we’re sticking with what we said last week – “We have no interest in picking the bottom in SGR but our best guess is it rotates between 90c and $1.20 through the 2H i.e. an alternative to the Melbourne Cup!”

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04/08/2023 09:52

Star Entertainment Group (SGR) $1.00

In our opinion, this has firmly become a trading, as opposed to investment grade, stock however we can see more +20% bounces over the coming months but MM is unlikely to participate.

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18/07/2023 09:27

Star Entertainment Group Ltd (SGR) $1.06

SGR  has been discussed a few times recently as the embattled casino operator starts to offer some semblance of value after plunging over -76% from its 2021 high but we’re also cognisant that our portfolios have outperformed post-COVID often because we’ve avoided catching falling knives i.e. only over recent weeks via Magellan (MFG), Lend Lease (LLC) and Elders (ELD) have we ventured into the deep value pockets of the market. SGR recently announced that the Queen's Wharf opening is now expected from April 2024, a delay of ~4 months from previous plans but when things look their worst opportunities often present themselves.

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04/07/2023 09:40

Star Entertainment Group (SGR) $1.18

SGR has been embroiled in controversy over the last 18 months falling from ~$3 down to just 99c last week, however we question, has the baby been thrown out with the bathwater? While earnings have been under pressure with fines and regulatory restrictions hampering operations, we can’t lose sight of the value of their underlying assets.

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06/06/2023 09:31

Star Entertainment Group (SGR) $1.19

SGR has regularly been in the headlines this year as the stock tumbles ever lower, yesterday we heard that its Brisbane Queens Wharf project has again been delayed. The $3.6bn resort was due to open before Christmas but now April 2024 is the new date – until we get close perhaps!

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