I very much doubt this. Crown Melbourne land is on a 99 year lease. For the first 40 years the rent is $1 a year. Yes $1. So the buildings on that land are very valuable.
Crown Sydney includes its property development. Its prime land, again I very much doubt there will be much write down.
I haven't looked at Crown Perth land structure.
If Crown trades below its NTA I will take a large position.
If by chance Crown does loose its licence, it will either rent its new premise to the new license holder or the new licence holder will buy the site from Crown.
The new license holder would not automatically acquire the site at no cost, there is a 99 lease that is held by Crown, regardless of whether Crown is the license holder or not!!!
