J.P. Morgan said it has raised its FY21 estimate for Star Entertainment Group's EBITDA by 10.7 percent due to stronger revenue from Queensland and better margins. However, it has downgraded the stock from overweight to neutral with a price target of A$3.50.
Australian's gambled more during the Covid-19 outbreak, despite a lack of access to venues, with the proportion who gambled four or more times a week increasing from 23 percent to 32 percent, according to the Australian Gambling Research Centre.
On Thursday morning, The Star issued a trading update combined with the chairman and CEO addresses to the firm’s Annual General Meeting.
Crown Resorts says an agreement that allows its major shareholder to receive confidential information from the company has been terminated. Also, axed is an accord for Crown to request services from Consolidated Press Holdings at predetermined hourly rates.
While it may be the executives of Crown Resorts that are squirming in their chairs under questioning these past weeks at the Sydney probity hearings, the revelations are also casting a harsh light upon the failures of the regulators in a neighboring state, the VCGLR.