The Star has provided one of the more panicked and dramatic sounding trading updates that I’ve read in some time.

The follow up.

If EBITDA (as the broader update discusses) is at the low end of new guidance ($280m) that is a very sizeable rebasing, on already substantially revised numbers.

The bit about the emerging consumer discretionary weakness is also very interesting.

Gaming is “normally” considered defensive, within the consumer.

Hard to say how much is a function of a better competitor (e.g. Crown) taking share/volume, given SGR centric issues, versus a genuine cost-of-living event causing a weaker consumer, something that would impact stocks like HVN, JBH, NCK et al.

Overall, either way, we remain happily underweight consumer discretionary.

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