Another potential is to look at the historical multiple that...

Another potential is to look at the historical multiple that market was prepared to pay for crowns EBITDA (12 times) on an Enterprise Value basis and then apply a discount for:
a) dis-synergies: if the casinos are sold individually state by state
b) lower future average EBITDA from increased regulation and lower VIP revenues.

Its interesting that the Blackstone offer represented a multiple of 12.9 times (ie slightly higher than its historical average and probably why the board rejected the offer)