Ann: Queen's Wharf Brisbane Casino Licence Granted-SGR.AX, page-16

After SKC's results - I am targetting an EBITDA reduction for both Star and Crown of 20%, and for Crown more losses once Barangaroo is completed, assuming it is. SKC's results for the quarter allowed for a dodgy guesstimate of the spillover from reduced VIP (IB) IMO. I think they have a long way to fall. The spillover into non VIP will be about a 7.5% hit to revenue I suspect, and a bigger hit to margins since the Chinese spend like crazy when they are away from home.