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.
- We believe the next 20-30% move for SGR is still on the upside but this is a very aggressive contrarian play, full of risk.
MM is cautiously bullish toward SGR between $1 and $1.10
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