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kewlj
kewlj
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May 15th, 2014 at 1:21:01 PM permalink
According to today's Las Vegas Sun, Deutsche Bank has sold Cosmo to Blackstone Real estate Partners for 1.7 billion dollars. Blackstone's primary business is buying undervalued properties and then reselling them, although they do own a minority interest in Caesar's Entertainment. It seems unclear who will be running Cosmo or what the long-term plans are.
beachbumbabs
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May 15th, 2014 at 2:27:43 PM permalink
Quote: kewlj

According to today's Las Vegas Sun, Deutsche Bank has sold Cosmo to Blackstone Real estate Partners for 1.7 billion dollars. Blackstone's primary business is buying undervalued properties and then reselling them, although they do own a minority interest in Caesar's Entertainment. It seems unclear who will be running Cosmo or what the long-term plans are.



Awww, geez. I was really hoping to pick that property up. I must have a couple billion lying around somewhere...(honey, check the couch cushions, willya?)

Seriously, I hate that a turnaround team bought it; it's pretty great the way it is. But thanks for the report.
If the House lost every hand, they wouldn't deal the game.
Tomspur
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May 15th, 2014 at 3:33:40 PM permalink
Well Blackstone owns about 30% of the Valley's homes, I guess it is the logical next step that they spread their wings and get into casinos?

I would love to know who they will get to run the place as the current team is not working out, especially the casino management team. If they put this place under the CET umbrella, I'm going to be VERY pissed!!!

Such a great property with good potential will be just ruined for me :(
“There is something about the outside of a horse that is good for the inside of a man.” - Winston Churchill
Ibeatyouraces
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May 15th, 2014 at 3:35:32 PM permalink
deleted
DUHHIIIIIIIII HEARD THAT!
kewlj
kewlj
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May 15th, 2014 at 3:45:10 PM permalink
Quote: Tomspur

Well Blackstone owns about 30% of the Valley's homes, I guess it is the logical next step that they spread their wings and get into casinos?

I would love to know who they will get to run the place as the current team is not working out, especially the casino management team. If they put this place under the CET umbrella, I'm going to be VERY pissed!!!

Such a great property with good potential will be just ruined for me :(



This is pretty much what I was thinking as well. Purchasing for 1.7 billion doesn't seem to fit the 'buying below value and reselling for profit' mold.
Nareed
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May 15th, 2014 at 3:47:21 PM permalink
I wonder if we need a third thread on this topic:

https://wizardofvegas.com/forum/las-vegas-casinos/cosmopolitan/18224-cosmo-sold/#post360038

Probably not ;)
Donald Trump is a fucking criminal
Tomspur
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May 15th, 2014 at 3:48:08 PM permalink
Quote: kewlj

This is pretty much what I was thinking as well. Purchasing for 1.7 billion doesn't seem to fit the 'buying below value and reselling for profit' mold.



Yeah, my concern is that Caesars has managed to rope in another "sucker" investor (even though they already own a portion of the mother lode, I mean company) to buy a property which they can try and turn their fortunes around with. They have a large players club with a hug database and they will try and perhaps build out this property?

Blackstone can't be that stupid can they?
“There is something about the outside of a horse that is good for the inside of a man.” - Winston Churchill
Tomspur
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May 15th, 2014 at 3:49:21 PM permalink
Quote: Nareed

I wonder if we need a third threa don this topic:

https://wizardofvegas.com/forum/las-vegas-casinos/cosmopolitan/18224-cosmo-sold/#post360038

Probably not ;)



I like this thread better.......just semantics really :)
“There is something about the outside of a horse that is good for the inside of a man.” - Winston Churchill
kewlj
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May 15th, 2014 at 3:53:12 PM permalink
Quote: Tomspur

I like this thread better.......just semantics really :)



My apologies. I didn't see the other thread.
Tomspur
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May 15th, 2014 at 4:21:53 PM permalink
Quote: kewlj

My apologies. I didn't see the other thread.



Neither did I.

Personally I think this one will do just fine :)
“There is something about the outside of a horse that is good for the inside of a man.” - Winston Churchill
Nostron
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May 21st, 2014 at 8:12:21 AM permalink
I hate to hear this - we met a couple of great hosts on our last trip and they treated us better our first time there than any of the other properties have done in my 10 years of going.

Damn
Boz
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May 21st, 2014 at 8:53:24 AM permalink
Quote: Tomspur

Well Blackstone owns about 30% of the Valley's homes, I guess it is the logical next step that they spread their wings and get into casinos?

I would love to know who they will get to run the place as the current team is not working out, especially the casino management team. If they put this place under the CET umbrella, I'm going to be VERY pissed!!!

Such a great property with good potential will be just ruined for me :(



The current casino management team seemed to learn from the CZR team when it comes to 6/5 BJ and $7.50 Coin in for 1 point at Video Poker.
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