Joe, Agreed, but if the market doesnt value it at the same price as MPEL shareholders value the asset, I guess its because the majority of shareholders or wannabe shareholders in CWN dont believe its worth $4.1 bill.
Of course, its not as simple as that because a) casino assets are valued higher in US than they are here (dont ask me why, but maybe its because their peer comparisons are valued higher) and b)there are some shorts out there that have been angling for a capital raising by selling down stock to replace (hopefully) in any said raising.
One thing for sure is that the independant directors of CWN will have and interesting job deciding on whether it should be sold on not and at what price. Maybe they should just flog it on market in US and see what they can get for it there.
CWN Price at posting:
$11.58 Sentiment: Buy Disclosure: Held
