Ann: December Quarter 2018 Trading Update, page-6

Smoothed out win rate came in at theoretical at Star Vegas which is all you can really ask for, nice recovery. Still well below old VIP turnover run rate of circa 100b pa, however good to see the wheels aren't continuing to fall off, in fact the opposite.

Aristo is in a timely recovery and hopefully can be on a 'normalised' run rate at the end of the second half.

Although, yet another negative blow with the mention of a new casino opening in Poipet. Will be interesting to see the size and scope of this, but not that material to the current valuation given there are much bigger issues afoot.

Looks like operating cash flow might be around A7-9m depending on tax payments and investment, so after the Feb debt repayment, assuming same terms with Megabank and no refinance, perhaps still about A35m+ cash in the bank after Jan and Feb cash flow.

Big risk event still coming up, namely the lease arbitration with the Vendor over the Star Vegas. That's obviously make or break for the company to have a victory on that front.

Also on a positive note, given the turnaround in second quarter a refinance with Megabank might be able to be secured more easily, reducing the upcoming repayment and allowing a buy back.

Finally, no mention of online operations in the update despite an opportunity to discuss what's happening there, disappointing. However, we should take some cynical comfort in that the online business made no money anyway.