MAJOR TAKEOVER TARGET!, page-180

Yes and No.

I think it's quite obvious that TSEG won't make a profit this year.

- Too much cash going out the door on fines
- Queens Wharf churning on
- we dont know the ins and outs of the new "proposed" NSW Tax laws.
- Crown Sydney opened.
- Higher than normal IR environment. people less willing to splurge

I also expect revenue to be down. The new Casino Control act laws are very invasive into people's lives and i'd regard a lot as overreaching. I have heard people are being asked to confirm, where they work, how much they make, what their habits are etc etc. not exactly something most people want to do when they want to just have some fun.

I think this is still a long-term play, need to get through 2023 and out the enquiry behind them before we can really see what the real value is.

There are just too many balls up in the air at the moment but i suspect this is why the SP is so low. No one really knows where it's all going to land.

The positives are;

- China re opening - tourists are flocking back to Sydney.
- Chinese Students are back in town
- QWF is likely to open in the next 10 months etc etc