Blackstone to Sell Cosmopolitan in Vegas for $5.65 Billion
Monday 27 de September 2021 / 13:33
2 minutos de lectura
(Las Vegas).- Blackstone Inc. has reached a deal to sell the Cosmopolitan casino and hotel on the Las Vegas Strip for $5.65 billion.
The deal will separate the property from the operations of the hotel, according to a statement Monday.
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. The asset manager spent $500 million on upgrades, it said the statement.
The sale will reap total profits of about $4.1 billion, including cash flow from operations at the property, The Wall Street Journal reported Monday, citing a Blackstone letter to fund investors.
MGM Resorts International will take over operations of the Cosmopolitan, while a partnership between the Cherng Family Trust, Stonepeak Partners and Blackstone Real Estate Income Trust are buying the real estate, according to the statement.
Blackstone tried previously to find a buyer for the property 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.
Categoría:Casino
Tags: Sin tags
País: United States
Event
Innovation, Investment, and AI Take Center Stage on Day 3 of SiGMA Central Europe
(Rome, SoloAzar Exclusive).- November 6 marks the final and most dynamic day of SiGMA Central Europe 2025, with a packed agenda that blends cutting-edge tech, startup energy, and investor engagement. With exhibitions, conferences, and networking opportunities running throughout the day, Day 3 promises to close the event on a high note.
Thursday 06 Nov 2025 / 12:00
SiGMA Central Europe Awards 2025: BetConstruct Wins Innovative Sportsbook Solution of the Year
(Malta).- BetConstruct has been recognised at the SiGMA Central Europe Awards 2025, receiving the Innovative Sportsbook Solution of the Year award. This achievement highlights the company’s continued focus on elevating retail betting experiences and supporting operators with solutions that create measurable business value.
Wednesday 05 Nov 2025 / 12:00
Roberta Metsola Opens SiGMA Central Europe with a Call for Innovation and Unity: “Europe Is Your Home”
(Rome).- In a powerful keynote that blended optimism with urgency, President of the European Parliament Roberta Metsola officially inaugurated SiGMA’s first-ever Central Europe summit in Rome. Addressing a packed audience of tech and gaming leaders, Metsola emphasized Europe’s role as a global hub for innovation, calling it “a place of the future” and urging the continent to embrace smarter regulation, faster growth, and bold investment in digital industries. Her message: Europe must lead—not follow—in shaping the next era of technology.
Wednesday 05 Nov 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.