I think the issue is that they are still not cashflow positive...

I think the issue is that they are still not cashflow positive and no meaningful pathway to funding these expansions with cashflow from the current capital base means either they need to raise further capital to build more centres or reduce expenditure and increase revenue to increase cashflow. Sydney has been running for awhile, gold coast not doing as well as it should and perth coming online but performance of none of these is stellar NPV wise