Yes, understand your points, but hope you will not mind if I...

Yes, understand your points, but hope you will not mind if I differ somewhat with your interpretations.

When a private capital company (or in this case, a listed ASX company relying on problem gambling for its mere existence, not a moral statement here but simple financial reality) mismanages its business affairs to the extent that it demands and receives ad hoc and specific financial and other forms of taxpayers' inputs, then call it what you like, it is still a bail out. Clearly enough, by SGR's own statements, the doors would be closed at their Sydney venue at least, were it not for the NSW Govt. During the GFC, the private banks (emblematic of the private sector and oligopoly) received very substantial forms of non-cash concessions and guarantees, otherwise a banking sector meltdown was not far away. For SGR the practical outcome here is for a generous taxation concession not available to many other equally struggling businesses, and in the short to medium term forgone taxation revenue to the NSW treasury. The term "taxation expenditure" is often used.

As to your second para, no real disagreement here. SGR is indeed very fortunate a change of NSW Govt occurred. The previous LNP Govt was very intent on taxing SGR out of business, award the valuable Casino license to another party, with no concern for affected third parties eg employees, service providers and such. The NSW Labor Govt was keen to have a product and policy differential and perhaps was alive to the job losses possibility.

As well, just a mild point of emphasis with your final para. Too much exuberance by many with the SGR sp surge on Friday, but nevertheless, there is a path for SGR to remediate and rebuild the business. However, it relies entirely on the SGR Board, as there are no more concessions or bailout from the NSW Govt. So far, the SGR Board is not up to it despite being elected to rescue and rebuild the business. It will be very interesting to view the SGR sp going forward once the exuberance has dissipated.