SGR slipped to fresh multi-month lows yesterday not helped by the news that Blackstone had received a positive update on its regulatory approval to take over Crown (CWN). The fact that the stock closed just 10c below Blackstone’s $13.10 bid illustrates how confident investors have become towards their bid for CWN. When Crown starts operating its new casino at Barangaroo in Sydney, the drop in revenue could be significant for SGR which is itself currently under regulatory scrutiny, SGR simply remains in the too hard basket for MM even after its 39% correction.
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