Firstly - we still need FIRB approval. Which I think will happen but who can be certain ?
Secondly there has been no mention of returning any of the funds to shareholders. What’s the point of owning a stock if it never returns money to shareholders. IMO some of the projects CZR plans to spend money on don’t seem worthwhile. Not much value in $102 million if it all gets blown on rubbish projects. CZR havn’t done a great job in explaining why the other projects have value and are worth investing in IMO.
I’m still hoping Rio mounts a takeover bid once FIRB approval occurs and they realise if they don’t the iron ore deposit it’s going to the Chinese. If there is no FIRB approval they could pick up the deposit much more cheaply.
GLTAHs
CZR Price at posting:
26.5¢ Sentiment: Buy Disclosure: Held
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