Star looks destined to walk the unenviable path of Crown (CWN) appearing destined to be found unfit to hold a Sydney casino licence but like CWN its likely to get a chance to put its house in order before having its doors firmly closed. The business practices of both CWN and SGR have clearly been truly awful although a simple resignation appears all that’s required to kick start the careers for many involved. NSW needs the income but should be getting very embarrassed by this particular source of revenue, from a risk / reward perspective we probably prefer CWN at current levels but are unlikely to buy either as further stifling major regulatory moves wouldn’t surprise us.
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Performance update for March, stocks that drove returns & our current positioning
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Friday 26th April – ASX200 -101pts, Newmont (NEM), Resmed (RMD) & Super Retail (SUL)
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Market Matters Research Lead Shawn Hickman with David Koch
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MM believes SGR is in the too hard basket
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