Aristo is trending back to historical earning. SV is clearly impacted by Galaxy. FY18Q3 EBITDA is 10 mil before Galaxy opened. FY18Q4 is 3.2 mil.
FY19Q1 EBITDA is 6.2 mil.
Just as I feared Galaxy Casino and Somboon are hitting SV hard.
It used to be the case that casinos are in the driver seat dictating the terms and conditions. The market power seems to be falling back to junkets now. There are more casinos they can bring their clients to. So their bargain power is stronger. Any attempt to wrestle margin back will see them leaving to other legitimate or illegitimate casinos.
This is quite clear from the turnover number with CEO attempting to renegotiate junkets deal
Ann: September Quarter 2019 Trading Update, page-24
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