My initiated position is as close to a 'calculated' gamble as I...

My initiated position is as close to a 'calculated' gamble as I can get. And its a calculated 'gamble'. Its not a conviction call, hence my small position.

I could be very wrong guys, but I could also be right (although not in the near term).

For example, SGR could very well loose the sydney license, there will be a period of even more uncertainty, but over several years to come, the NSW creates a compromise, and allows a future buyer (with obviously more than 10% holding) to take over the license. SGR then sells its physical assets in sydney to the new buyer.

Also QLD assets full up and running by this time.

So at the end, the final adjusted value is more than 40c, once the uncertainty ends. Market responds, and prices the shares obviously above 40c, because there are now 'known knows'.

Or maybe it doesn't.

The NTA gets eroded, because whilst adjusted NTA is based on the latest balance sheet, the reality is the biggest component of that adjusted NTA is still Non-current asset: PPE at $1.7b, and that valuation is a directors valuation based on the future 'utility' of PPE. And that future 'utility' is a directors future estimate (refer annual notes to the accounts). The lower the 'utility' the lower the valuation!!!! That 'utility' value will be influenced by whether there is actually a casino operating profitably on those PPE>