Well IMO that arm would hold some good assets - but it would be...

Well IMO that arm would hold some good assets - but it would be dressed up for a takeover or divestments I suspect, as there appears to be little that is cohesive about them. Far better to either sell them individually IMO, or keep them with CWN, where they can leverage Crown's branding and management expertise IMO etc. Also if there were to be tax losses due to the demerger, these might be nicely crystallised for CWN, but it is a bit like living in denial about a bad decision IMO.