SGR investment views: • Delivered exceptional cost & capex management. • 3 near-term catalysts leave us positive; we recently upgraded SGR to Overweight: • De-leveraging plans to remove overhang and debt concerns. • Sydney competitive environment (with Baranagroo) favoring SGR’s capacity & supply. • Loyalty program coupled with a much more ‘fit’ operating model will see margin expansion. • Domestic trends from 2H20 into 1H21 have shown positive signs.

CWN investment views: • Positivity in Perth’s MGF update (+18% pcpthrough 16 Aug) for recovery sentiment. • However, we anticipate a very subdued Melbourne re-opening to weigh on near-term earnings retrieval. Consensus divided • CWN could enter trading in a “COVID-19 normal” setting in late CY20 or early CY21 if there are no new cases in VIC for 28 days.

Sector themes: • The majority of SGR/CWN casino earnings are domestic (~78/88% 1H20) and with AUS border closures, we remain skeptical of a meaningful return to the PCPCP (FY19).  • High costs for VIP have been removed, therefore margins should improve somewhat. • Casinos will focus on engaging higher value customers due to restrictions. Spend per player will be higher but visitation will be lower. • Takeaways from US: Indiana, Ohio, Maryland & Mid-Atlantic, LV Strip, etc.