Blackstone to offer Cosmopolitan in Las Vegas for $5 billion or more
Monday 06 de September 2021 / 08:19
2 minutos de lectura
(Las Vegas).- Blackstone Inc. is again looking to the sell the Cosmopolitan of Las Vegas resort, this time at an asking price of $5 billion or more, according to people familiar with the matter.
Apollo Global Management Inc. which has been acquiring gambling businesses around the world, is exploring an offer, some of the people said. Another potential partner, as property manager, is MGM Resorts International, one of the people said. Spokespeople for Blackstone, Apollo and MGM declined to comment.
Blackstone, the New York-based investment firm, tried two years ago to find a buyer at $4 billion or more. Prices for Las Vegas casinos have continued to rise despite the pandemic as real estate investment trusts purchase properties and split costs with management firms.
Casino companies have been shedding real estate, often holding on to the management of the properties. Apollo is buying the Venetian resort complex in Las Vegas for $6.25 billion in a partnership with Vici Properties Inc., a REIT.
MGM has sold casino properties while continuing to manage them. It agreed in July to sell two Las Vegas hotels at CityCenter to Blackstone for $3.89 billion. The Cosmopolitan sits between CityCenter and the Blackstone-owned Bellagio casino.
The Cosmopolitan, which opened in 2010, ran into financial trouble during its construction in the midst of the Great Recession. Owner Deutsche Bank AG, which built the property for $3.9 billion, sold it to Blackstone in 2014 for $1.73 billion.
By Christopher Palmeri and Gillian Tan
Categoría:Casino
Tags: Sin tags
País: United States
Event
SBC Summit Americas 2025
13 de May 2025
ProntoPaga Drives the Fintech Revolution with SmartPIX and SmartRouting in LATAM
(Fort Lauderdale, SoloAzar Exclusive).- Evans Concha, CTO and Founder of Pronto Paga, shared the main innovations launched this year and how they impact the regional fintech industry. With a firm commitment to new technologies and cybersecurity, the company is positioning itself as a leader in the sector. Discover how it is redefining the future of digital payments in this article.
Friday 13 Jun 2025 / 12:00
Pay4Fun consolidates its position as a 100% Pix Payment Gateway and expands its reach in LatAm
(Fort Lauderdale, SoloAzar Exclusive).- Pay4Fun strengthens its position as a 100% Pix payment gateway with direct integration with the Central Bank, guaranteeing maximum security and efficiency in transactions. At SBC Summit Americas, Leonardo Baptista highlights the role of networking and innovation in an environment where technology and regulation are key. Discover how Pay4Fun is shaping the future of digital payments.
Thursday 12 Jun 2025 / 12:00
Air Dice Revolutionizes iGaming with Nord Legends and Player Protection Technology
(Fort Lauderdale, SoloAzar Exclusive).- Air Dice presented its innovative Nord Legends line at SBC Summit Americas, combining Norse mythology with advanced game mechanics. The company is committed to AI and gamification to enhance the user experience. Read more about Air Dice's strategic focus and global growth in this interview with Rocio Moitino, Director for Latin America.
Wednesday 11 Jun 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.