Blackstone Reportedly Looking to Offload Strip Casino for $5bn

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Review Journal

6 biggest casino deals on the Las Vegas Strip in 2022

A number of casino operators changed up their real estate portfolio this year with sales, acquisitions and leasebacks - showcasing a flurry of activity after the short but steep economic fallout caused by the COVID-19 pandemic. And a number of those deals, announced last year, have closed in 2022. Here are six of this year's major deals on the…

Industry ・ 26 December 2022

Review Journal

Tilman Fertitta gets approval for new hotel-casino on Las Vegas Strip

Clark County commissioners gave billionaire Tilman Fertitta the green light on Wednesday to develop a towering hotel-casino on the Strip. The commission approved Fertitta's plans for a 43-story, 2420-room project in the tourist-choked casino corridor. The upscale resort, at the southeast corner of Las Vegas Boulevard and Harmon Avenue, would…

Land-based ・ 21 October 2022

News Nation Now

Las Vegas casino workers surprised with bonuses

LAS VEGAS (NewsNation) - 5400 employees at a Las Vegas casino hit the jackpot in a big way. On Wednesday night, The Cosmopolitan of Las Vegas employees were taken by surprise during an employee appreciation and awards buffet when the resort CEO and president Bill McBeath announced that all 5400 people who work there would be receiving a $5000…

Land-based ・ 13 May 2022

Vegas Slots Online

Cosmopolitan Shocks Its Employees With $5,000 Bonus

The Cosmopolitan of Las Vegas rewarded its 5400 employees with a surprise $5000 bonus Wednesday. "We know that none of that would have been possible without the hard work and dedication of the resort's amazing employees, and we are thrilled to recognize those contributions," said Tyler Henritze, head of strategic investments for private equity firm…

Jobs ・ 12 May 2022

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Cosmopolitan of Las Vegas surprises every employee with $5,000 bonus

LAS VEGAS (Gray News) - The Cosmopolitan of Las Vegas surprised all its 5400 employees with a $5000 bonus at an employee appreciation and awards buffet Wednesday. Company representatives for the luxury resort casino and hotel said the bonuses total more than $27 million. Resort President and CEO Bill McBeath made the announcement on stage, followed…

Covid ・ 12 May 2022

CNN

Las Vegas casino owner surprises 5,000 employees with $5,000 bonuses

The resort said it gave an "unprecedented" $27 million to its workers during a festive event that was capped off with a "climatic drumroll" and confetti when Cosmopolitan CEO Bill McBeath made the announcement. The event celebrated private equity firm's Blackstone's nearly decade-long ownership of the property, which is in the to MGM Resorts…

Jobs ・ 12 May 2022

Vegas Slots Online

Sources Say Fertitta Buying Vegas Strip Site for Luxe Hotel

Sources are saying that Houston billionaire Tillman Fertitta is buying six acres of property on the Las Vegas Strip where he intends to build an upscale resort. [Image: Shutterstock.com] Landry's Inc. owner and CEO, Tillman Fertitta, is buying six acres on the Las Vegas Strip with an intent to develop an upmarket resort, according to sources cited…

Religion ・ 27 April 2022

New Jersey Online Gambling

Casino Roundup: Crown Buyout, Wynn Leaseback and Sands Junk Rating

Crown Resorts accepted a $8.9 billion buyout bid from Blackstone, a private equity firm. Just days after the news, the Australian casino company r eported a $141 billion loss for the last six months of 2021. In other casino news, a credit agency cut Las Vegas Sands' debt rating, while Wynn Resorts negotiated its first real estate sale. It's a tough…

Gaming Authorities ・ 21 February 2022

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Regulator okays Apollo acquisition of LVS ops in Nevada

The Nevada Gaming Commission has approved the acquisition by private equity firm Apollo Global Management Inc of the operations of the Las Vegas Strip properties owned by casino firm Las Vegas Sands Corp. The regulator voted 4-0 to approve Apollo Global Management as the operator of the Venetian Resort Las Vegas, Palazzo and the Sands Expo and…

Industry ・ 18 February 2022

Review Journal

Las Vegas’ top real estate deals of 2021

Like countless other cities, Las Vegas spent the past year grappling with the pandemic and recovering from the economic disaster it unleashed in 2020. It also saw a burst of lucrative casino sales on the Strip as tourism rebounded from the public health crisis. Here is my list of Las Vegas' top 10 real estate deals of 2021. 1. The Cosmopolitan of…

Land-based ・ 31 December 2021

News4Jax

Hard Rock International buying The Mirage operation in Vegas

LAS VEGAS - Hard Rock International said Monday it wants to see how a guitar-shaped hotel will play at the heart of the Las Vegas Strip. In what MGM Resorts International CEO and President Bill Hornbuckle called "a significant milestone for MGM Resorts and for Las Vegas," the companies announced MGM Resorts will sell operations of The Mirage to…

Travel ・ 14 December 2021

The Nevada Independent

How VICI Properties is quietly becoming landlord to the biggest casinos in Vegas

In the waning days of Caesars Entertainment's two-year bankruptcy reorganization, creditors struggled with a name for a new spin-off company taking ownership of 19 casinos that would control the land and lease the properties back to the operator. Consultants suggested Senatus Populusque Romanus, or SPQR, the term used for the government of ancient…

Travel ・ 23 November 2021

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MGM is selling Mirage casino: 'We have enough of Las Vegas'

MGM Resorts is putting the Mirage resort and casino in Las Vegas up for sale, ending a 21-year ownership of one of the strip's most famous properties. The company made the announcement in its earnings call late Wednesday, explaining to analysts that it doesn't want to invest more money into the 32-year-old property best known for its exploding…

Travel ・ 14 December 2021

Vegas Slots Online

MGM Closes Sale-Leaseback of Aria, Vdara in Las Vegas

MGM Resorts International has closed a sale-leaseback arrangement with Blackstone Group for a pair of Las Vegas hotels. The two parties initially agreed on details of the deal in July this year. In a Tuesday statement, the casino operator confirmed that it had purchased Infinity World's 50% interest in CityCenter Holdings. The $2.13bn deal gave MGM…

Covid ・ 04 October 2021

Review Journal

Cosmopolitan sale the latest billion-dollar deal on Las Vegas Strip

The multibillion-dollar sale of The Cosmopolitan of Las Vegas has not only put the flashy, once-financially troubled resort in new hands. It also marks the latest in a string of hotel deals on the Strip between two powerhouse companies and another investment on Las Vegas Boulevard from the CEOs of fast-food chain Panda Express. New York financial…

Land-based ・ 27 October 2021

KTAR News

Blackstone selling Vegas hotel Cosmopolitan in $5.65B deal

LAS VEGAS (AP) - The owner of the Cosmopolitan of Las Vegas, the New York private equity firm Blackstone, is selling the 3000-room Las Vegas Strip hotel in a $5.65 billion deal with a partnership that plans to contract with casino giant MGM Resorts International to operate the property. The new owners - the Cherng Family Trust, headed by Panda…

Land-based ・ 27 October 2021

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Blackstone to Net $4B Profit in Sale of Vegas Casino

The Blackstone Group can head to the slots after netting a record profit for the sale of a single asset: The Cosmopolitan of Las Vegas. Blackstone has agreed to sell the Las Vegas Strip hotel and casino for more than $5.6 billion, more than three times the $1.8 billion it paid for the property seven years ago. The company stands to make almost $4.1…

Travel ・ 04 October 2021

Forbes

Blackstone To Sell The Cosmopolitan Of Las Vegas For $5.65 Billion

MGM Resorts International will acquire the operations of The Cosmopolitan, the luxury casino and hotel on the Las Vegas Strip, for $1.625 billion from private equity giant Blackstone. Both MGM and Blackstone announced the deal on Monday. The private equity firm's Blackstone Real Estate Partners VII LP is selling the hotel and casino's real estate…

Covid ・ 14 October 2021

The Real Deal

Blackstone Shops Cosmopolitan Las Vegas for $5B

Blackstone is once again seeking a high roller to purchase the Cosmopolitan of Las Vegas, this time soliciting offers in excess of $5 billion for the 11 year-old resort casino. One potential suitor exploring an offer is Apollo Global Management, according to Bloomberg. MGM Resorts International is also reportedly looking to swoop in as a potential…

Travel ・ 09 September 2021

Yogonet

Blackstone reportedly seeking to sell Cosmopolitan Las Vegas in $5B deal

lackstone is again offering the Cosmopolitan in Las Vegas for sale, with an asking price of $5 billion or more, according to sources cited by Bloomberg. The investment company initially bought the hotel and casino for $1.73 billion in 2014 from Deutsche Bank, which gained ownership through a crisis-related loan default in 2008. Since then,…

Travel ・ 07 September 2021

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Advent Said to Be Eyeing William Hill’s Non-US Gambling Assets

US private equity firm Advent International is understood to have joined the race for William Hill's UK and European operations and is believed to be among the leading bidders. The company is vying against buyout rival Apollo Global Management and online gambling operator 888 Holdings, among others, in the bidding war for the bookmaker's non-US…

Industry ・ 12 July 2021

Casino News Daily

Casino Giant MGM Offloads Aria, Vdara to Blackstone in $3.9bn Deal

Las Vegas casino operator MGM Resorts International has agreed to sell Aria Resort & Casino and Vdara Hotel & Spa to New York-based private equity firm The Blackstone Group in a $3.89 billion deal. Blackstone will lease the resorts back to MGM for an initial annual rent of $215 million, it also became known. Both transactions are expected to close…

Travel ・ 02 July 2021

Card Player

Las Vegas Casino Gives $27M In Worker Bonuses After $1.6B Sale

The U.S. economy appears to be on the decline, but a Las Vegas casino still awarded employee bonuses as part of a soon-to-be-completed $1.6 billion sale. The Cosmopolitan of Las Vegas on Wednesday gave more than 5000 of its workers each a $5000 cash bonus, for a total bonus payment of about $27 million. The current owner of the casino is Blackstone…

Land-based ・ 07 September 2022