I'd normally say this isn't a shell game. A company can specialize in operations or in owning real estate. They are generally very different and by and large, no one cares (much) "where" you are. So why are your shareholders better off owning a combination of a real estate company and your day to day operating company. However, for gaming in Vegas, how many options exist if you get pushed out of your existing spot on the Strip? In my view, this is simply a disguised financing. Whether the new pubco company or old gaming company actually is in a better position is an interesting question.