Cosmopolitan is on the Auction Block
April 17th, 2019 at 7:14:15 PM
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April 17th, 2019 at 7:19:54 PM
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Whoever it is, here's hoping it appreciates good restaurants.Quote: 777https://www.bizjournals.com/newyork/news/2019/04/17/blackstone-puts-thecosmopolitan-hotel-and-casino.html?ana=yahoo&yptr=yahoo
https://www.wsj.com/articles/blackstone-preparing-to-sell-las-vegas-strip-casino-and-luxury-hotel-11555510527
Who will be the new owner?
April 17th, 2019 at 8:23:12 PM
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In the past, there's always been "rumors" that Mlife wanted the cosmopolitan, but couldn't find a way to afford it. This was years ago before the price hike. With figures like $4B, I doubt Mlife can afford it now.
April 17th, 2019 at 9:21:08 PM
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Good luck getting that price. Sounds like 13 years of total revenue. Where is the growth to justify that going to come from?
April 25th, 2019 at 9:27:09 PM
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"Last year it spent more than $1.7 billion on Hawaii real estate, and this month it took over the Courtyard by Marriott King Kamehameha’s Kona Beach Hotel."
Interesting, we just got back from a few weeks in Kailua-Kona . Drove by that Marriott most every day, had no idea it was now owned by Blackstone.
Assuming this happens and it's not just another sales rumor - Just hope Cosmo doesn't get swallowed up as another MGM property. Hope it retains independence.
https://www.reviewjournal.com/business/casinos-gaming/cosmopolitan-may-be-for-sale-on-las-vegas-strip-1643199/
"has retained two investment banks to explore the possible sale of the 3,000-room Strip resort." --- could be a while before they are done "exploring" doesn't sound definitive.
https://www.casino.org/news/possible-sale-of-the-cosmopolitan-could-be-billion-dollar-winning-bet-for-blackstone-group
"Now, Deutsche Bank has joined with PJT Partners — itself an investment bank that spun off from Deutsche — to work with Blackstone as it considers a possible sale, among other options."
"among other options" Hmm....
There were also rumors last year that the Hard Rock International (not the owner of the Hard Rock Vegas, which was already sold to Branson/Virgin) was buying the Cosmo
https://vitalvegas.com/cosmopolitan-sale-to-hard-rock-international/
"Update (11/15/18): We’re hearing fresh intel about a Cosmopolitan sale to Hard Rock International, and from what we’ve heard, the company plans to rebrand Cosmo as a Hard Rock. Multiple sources confirm Hard Rock International is deep into the purchase process and the sale is being described as a 'done deal.'"
Uhhh...I guess not! Was this VitalVegas even a legitimate article or just a spoof?
Plot thickens:
https://www.casinonewsdaily.com/2018/11/21/the-cosmopolitan-denies-hard-rock-purchase-rumor/
"There have been no discussions over the sale of The Cosmopolitan, the property says in a statement"
Interesting, we just got back from a few weeks in Kailua-Kona . Drove by that Marriott most every day, had no idea it was now owned by Blackstone.
Assuming this happens and it's not just another sales rumor - Just hope Cosmo doesn't get swallowed up as another MGM property. Hope it retains independence.
https://www.reviewjournal.com/business/casinos-gaming/cosmopolitan-may-be-for-sale-on-las-vegas-strip-1643199/
"has retained two investment banks to explore the possible sale of the 3,000-room Strip resort." --- could be a while before they are done "exploring" doesn't sound definitive.
https://www.casino.org/news/possible-sale-of-the-cosmopolitan-could-be-billion-dollar-winning-bet-for-blackstone-group
"Now, Deutsche Bank has joined with PJT Partners — itself an investment bank that spun off from Deutsche — to work with Blackstone as it considers a possible sale, among other options."
"among other options" Hmm....
There were also rumors last year that the Hard Rock International (not the owner of the Hard Rock Vegas, which was already sold to Branson/Virgin) was buying the Cosmo
https://vitalvegas.com/cosmopolitan-sale-to-hard-rock-international/
"Update (11/15/18): We’re hearing fresh intel about a Cosmopolitan sale to Hard Rock International, and from what we’ve heard, the company plans to rebrand Cosmo as a Hard Rock. Multiple sources confirm Hard Rock International is deep into the purchase process and the sale is being described as a 'done deal.'"
Uhhh...I guess not! Was this VitalVegas even a legitimate article or just a spoof?
Plot thickens:
https://www.casinonewsdaily.com/2018/11/21/the-cosmopolitan-denies-hard-rock-purchase-rumor/
"There have been no discussions over the sale of The Cosmopolitan, the property says in a statement"
Last edited by: MDawg on Apr 25, 2019
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
September 23rd, 2019 at 12:22:38 PM
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What's confusing, and interesting, is that at the same time that we read about rumors that Blackstone is trying to sell Cosmopolitan
https://www.reviewjournal.com/business/casinos-gaming/cosmopolitan-may-be-for-sale-on-las-vegas-strip-1643199/
to MGM,
"Others identified MGM Resorts International as a potential buyer [of the Cosmopolitan] because the property lies between two MGM developments, Bellagio and CityCenter."
there are rumors that MGM is trying to sell Bellagio and MGM Grand to Blackstone!
https://www.bloomberg.com/news/articles/2019-09-20/mgm-said-in-talks-to-sell-circus-circus-to-trump-partner-ruffin
"The company is in talks to sell two Las Vegas crown jewels, Bellagio and the MGM Grand, to Blackstone Group, Bloomberg News reported, citing people with knowledge of the matter. "
https://www.reviewjournal.com/business/casinos-gaming/cosmopolitan-may-be-for-sale-on-las-vegas-strip-1643199/
to MGM,
"Others identified MGM Resorts International as a potential buyer [of the Cosmopolitan] because the property lies between two MGM developments, Bellagio and CityCenter."
there are rumors that MGM is trying to sell Bellagio and MGM Grand to Blackstone!
https://www.bloomberg.com/news/articles/2019-09-20/mgm-said-in-talks-to-sell-circus-circus-to-trump-partner-ruffin
"The company is in talks to sell two Las Vegas crown jewels, Bellagio and the MGM Grand, to Blackstone Group, Bloomberg News reported, citing people with knowledge of the matter. "
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
September 23rd, 2019 at 12:50:04 PM
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Quote: MDawg
there are rumors that MGM is trying to sell Bellagio and MGM Grand to Blackstone!
It would be a sale and leaseback, so they would still maintain control of the properties.
October 19th, 2019 at 1:43:05 PM
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Given that the sale/leaseback of Bellagio to Blackstone went through, I can't see Cosmopolitan being for sale...I mean, why buy with one hand sell with the other? I think the articles were about Cosmo EXPLORING THE POSSIBILITY of a sale, versus actually being for sale, and then also, Cosmo denied the for sale rumors.
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
October 19th, 2019 at 6:28:59 PM
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Quote: MDawgGiven that the sale/leaseback of Bellagio to Blackstone went through, I can't see Cosmopolitan being for sale...I mean, why buy with one hand sell with the other? I think the articles were about Cosmo EXPLORING THE POSSIBILITY of a sale, versus actually being for sale, and then also, Cosmo denied the for sale rumors.
Everything is for sale if the right offer comes along.
At my age, a "Life In Prison" sentence is not much of a deterrent.
