Large-scale capital projects are on the horizon for The Star Entertainment in Sydney and Queensland.
The Star Entertainment Group reported a 4% increase in normalised group revenue for the first four months of fiscal 2018. At the current pace, we believe the company is on track to reach our forecasts. Our AUD 4.30 per share fair value estimate is unchanged, and at the current price, we view the shares as overvalued. In our opinion, the firm does not have an economic moat despite owning long-term casino licences in New South Wales and Queensland. The exclusive rights to operate in Sydney will co...
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