Star Entertainment (SGR) shares drop on dirty money concerns
SGR -22.90%: Whacked today on a damming 60 Minutes story last night into the casino. Not a lot we can add here, other to say that clearly casino’s across the board have dropped the ball in many areas, higher regulatory scrutiny has uncovered this, heads will roll and remediation will take place. We own Crown (CWN) from the mid $9’s which has been a frustrating position for us (we owned pre-takeover) however we continue to believe there is value in CWN over and above SGR, although the decline today for the latter makes that call a less obvious one.
MM has no position in SGR, we are long CWN
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