Maybe Bruce says, stuff it, just make the Sydney joint one big pockies venue, with the same rules as NSW pokies.
Then just hold gold coast and brisbane be casinos.
SGR still own the sydney buildings!!!!! on a very very long term crown lease. If SGR 'abandons' the license, then also they are not required to keep the tax rate and employment conditions as agreed with the government.
And in the future Crown is welcome to buy out the Sydney premise, but will have to pay a premium. That premium as the share price continues to drop will become increasingly attractive (and given all the risk around NSW casino licenses there will be no opportunity for the NSW govt to flog off additional casino licenses!!!).
The good news is with all the capital raisings, SGR liabilities are low relative to its balance sheet and cash on hand.
BRUCE HAVING ANOTHER GO, page-199
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