Large-scale capital projects are on the horizon for The Star Entertainment in Sydney and Queensland.
We update our forecasts and incorporate a more detailed analysis of committed developments over the next 10 years, as well as the impact of the loss of exclusivity in Sydney in November 2019. We retain our AUD 4.00 per share fair value estimate and our no-moat and high uncertainty ratings. At current levels, the shares are almost 40% above our fair value estimate. We think investors remain excited by the earnings momentum in Star Entertainment's higher-margin main-floor tables and electronic ga...
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