Value at this price, page-105

Absolutley the law changes are a big risk.

With all those illegal casinos it is interesting to think about how big the casino industry in Thailand is already!

I think it was a good exit by the Thai owners, but mind you they accepted a lot of shares as well.

In an interview Joey Lim said the legalisation could be an opportunity for DNA particularly given the wealth and power of the Thai vendor still on the board ect helping. Those relationships seem severed now which puts that into doubt.

What the industry looks like in Thailand is another important point. A compromise may be one or two cetralised large casinos targeting just tourists and high income locals.

All in all, you are right, the competitive advantage of star vegas and earnings potential would have to be written down in the event of casino legalisation.

Do need to remember the political reality of passing it among many other issues, which is done first, how many moths to get a referendum or vote? The tendering and planning of the projects/s, massive intergrated resorts take time. Then actually building it, another year?

On top of the couple years it would take from legalisation to actually be operational, the significant illegal industry is already operational and directly competing with DNA Star Vegas.

I can see why this should be discounted like this at the moment, but the realities of the impacts will be much further out and less pronounced I feel. Particularly because many Border casinos will go broke consolidating that market for the bigger players.