Homeless is a non-issue, there is one guy who sits outside a 7...

Homeless is a non-issue, there is one guy who sits outside a 7 eleven, about 100 metres from the Casino, hoping for someone to drop him a few dimes. There is no homeless problem in Pyrmont, I visit the suburb very regularly at all times of the day. Strange that this has been posted so many times, Sydney's homelessness is organised relatively well compared to other capital cities, with the homeless shelters being no where near the Casio.

The Casino is also going well, when have I visited recently, (probably 3 times in the past 12 months), it was super busy, so the results should be fine, the main issue in my mind is the Government's intentions with the licence. Who is donating to the current Government, who will get the licence should it not be renewed? Is there money changing hands?

Despite this, if the Star lost its Casino licences, then it still owns the buildings. If a new party takes over the Casio licence, then it still needs to pay rent on the premises to the Star. The asset backing justifies the current share price, a renewal of the licence will be upside.

Also why does Mr Market always value cash, so low - makes the Company lower risk? The Star has a lot of cash it has raised (at the expense of long-term shareholders).