The SGR brand is definitely seen as toxic although I don't think...

The SGR brand is definitely seen as toxic although I don't think that means gambling is overall. My local club always seems to be full of gamblers on the pokies and simulated roulette tables. People are still obsessed about putting bets on the horses. From what I can tell of speaking to my family who live there, people in Brisbane seem to be genuinely excited about the Queen's Wharf development.

Everything you have said is true at some level and nobody denies that SGR is a risky investment. In a sense we are following the old adage of buying when there is "blood in the streets, including our own". However it is also true that if the NSW treasurer wanted to push through with the original casino tax, he would got the NSW Parliament to legislate it before the end of FY 22-23. They could also have announced taking away SGR's casino license at any point since getting into power, however they have decided not to rock the boat. The fact that the Government hasn't done either of those things and has essentially pushed the tax down the road for review, even though it would have gone through Parliament with bipartisan support, is telling and suggests that it will be negotiated and watered down.

Also SGR isn't in great heath but it is not broke, especially since the capital raise. It has some provision for AUSTRAC penalties. It has options for debt restructuring if it needs them.

I'm watching SGR carefully but right now don't see any reason to sell.