The problem is Crown dont have any whales, at least in Sydney.
You dont shut down gaming floors and reduce hours if you do.
Crown is a complete failure as a Casino in Sydney, i understand why, the market it was built for doesn't exist anymore in Australia. You are right about it being a property play. Blackstone to easily just convert it into a residential tower and make some serious capital.
By the way Crowns capex is not minimal in Sydney. I dont know where you got that from. Casinos are high capex business because they need to refresh option against pubs and clubs. Same as TSEG and same as Crown.
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