Ann: Trading Update, page-11

Seems like quite a positive update to me.

With The Star trading at a 40% discount to a book value that’s backed by an irreplicable property portfolio, it’s not like anyone doesn’t know we have some issues in the operating business. The negative comp in the private gaming rooms is to be expected given the increased regulation.

It's interesting to observe, in the depths of a cost of living crisis which could be considered a cyclical low point, the main gaming floors are pumping across all properties and the underlying business would have produced a positive statutory profit after tax were it not for the most recent edition of the Crawford Crusade.

All of this of course before Queens Wharf which is on track to start positively contributing to profits in less than 6 months. As long as we are not bleeding cash in the interim, the $150m headroom on the debt facilities coupled with the sale of Treasury should see us well positioned to meet the capital contributions ($175m) to the Joint Venture .

Not a bad result considering our CEO was recently guillotined by the powers that be.