It wouldn't say it was a distressed sale, more a poor investment...

It wouldn't say it was a distressed sale, more a poor investment back in 2017.

Australian Wattle Development paid $140m Jan 2017 and sold it for $192m Jun 2023 an annualised ROI of ~5%! Better term deposits than that pre-covid. Remember SGR only holds 50% in the business too, so of that $192m subtract tax, transaction costs and divide by two.

Star is almost at NTA, those who calculate this number including intangibiles and goodwill are asking for trouble. Yes, the casino license "should be given value" but whats stopping the government changing those goal posts like they did the tax? Add a good margin of safety onto this business and the current share price is still about 10-13% above great value.