SGR has been in the news for all the wrong reasons over the last few years but we are starting to see some light at the end of the tunnel with Scott Wharton moving on after just 8 months to grab a post elsewhere, it could easily be interpreted that he’s abandoning the sinking ship but with a new NSW Labor Government a new CEO might also be just what the beleaguered casino operator needs.
- We cannot buy SGR under the current clouds but we do like the improving global trend towards some gaming hubs.
Macau has just announced its best revenue in March since the outbreak of COVID back in late 2019. Las Vegas keeps kicking goals with $1bn in gaming revenue per month becoming the new norm for the Nevada hotspot after they breached that milestone for 24 months in a row. We believe Australian casinos will rise from the ashes, it’s just a brave investor with some patience required as they continue to struggle under the pressure from regulators and governments alike.
MM is now neutral/tentatively bullish SGR after being more negative over recent years
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