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.
The problem is Crown dont have any whales, at least in...
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