It sure seems that way. It makes sense though, since TSEG has...

It sure seems that way. It makes sense though, since TSEG has little/no future earnings potential under the current tax + regulatory oversight arrangements. The only thing that can change the tax arrangements is a change in government and that government being willing to revert to the original 20yr tax agreement. So unless someone is willing to spend many, many millions improving the hospitality and entertainment offerings across the group over the remaining life of the business, it seems like picking over the property assets is what will happen. Maybe the Bruce, WAM, Perpetual trio will get that outcome is they come together to offer private debt arrangement for the project level financing? One thing is 100% certain is that no one is thinking of how retail shareholders might come out of this. Reminds me of this scene from Lord of War...