The Star Entertainment Group Ltd

SGR: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$8.15	Fgxqg	Khsv

The Star Has Lost Its Shine, but We Expect the Sydney Casino Will Continue To Operate

Angus Hewitt , Esther Holloway

Sep 14, 2022

We maintain our AUD 3.90 fair value estimate for shares in no-moat Star Entertainment following the release of the Bell Report into the firm's suitability to hold a casino licence in New South Wales. The report, released by the New South Wales Independent Casino Commission, or NICC, found The Star unsuitable to hold its Sydney casino licence. This was the outcome we anticipated.

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