1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Cosmo Sale (Rumor Watch)

Discussion in 'Identity - Cosmopolitan of Las Vegas' started by YOleven, Sep 2, 2021.

  1. YOleven

    YOleven Platinum

    Messages:
    1,020
    Likes Received:
    9,430
    Every couple of years it seems that rumors ramp up about Blackstone finally finding a buyer for Cosmo, only to have said rumors fizzle out shortly thereafter.

    I take most all online Vegas news blogs with a grain of salt, especially Vital Vegas (which seemed adamant that a sale of a Cosmo was going to happen in 2019), but it seems that they think something is one again potentially brewing at Cosmo…

    https://vitalvegas.com/all-eyes-on-cosmopolitan-as-sale-rumors-heat-up-again/

    …followed up by a related observation last night.

    [​IMG]

    Again, I’m not suggesting that there’s any truth to this, as I know Vital Vegas has put out a lot of BS in the past, but just thought I’d share.

    Personally, If I had my druthers, Cosmo would remain under Blackstone ownership forever! In my opinion, nearly everything about the property is absolutely perfect now…maintenance and cleanliness are impeccable, Identity benefits are solid, and comps for loyal mid-level players are very generous. Cosmo would undoubtedly become the crown jewel of whoever makes the acquisition, and I fear that a change in ownership might drastically affect the generous comps as many of us know them currently.

    We’ll see. In this case, no news is definitely good news!
     
  2. Wanker751

    Wanker751 Chairman
    Founding Fanatic

    Messages:
    6,611
    Likes Received:
    14,250
    I personally can't wait to see a baseball game where the Rio used to be.
     
  3. Mr2BOBCATS

    Mr2BOBCATS Palladium

    Messages:
    2,459
    Likes Received:
    10,999
    Player's Clubs:
    Identity Gold
    Patience, young grasshopper,patience.

    To be honest, unless somebody puts a whole bunch of money into making the Rio better than it is now, it's not a stretch to see that land be re-purposed. Either CET needs to sell it or make it better; until then it'll be a nice piece of land for a ballpark in my eyes too :)
     
    tringlomane and YOleven like this.
  4. Lousyatcraps

    Lousyatcraps Not Lousyatslots

    Messages:
    2,888
    Likes Received:
    13,350
    Player's Clubs:
    Grazie-Platinum
    I’m hoping the Nationals move to Vegas and are renamed the Vegas Expos!


    Sent from my iPhone using Tapatalk
     
  5. kwool

    kwool Silver

    Messages:
    386
    Likes Received:
    1,417
    Player's Clubs:
    Identity--Gold
    Hopefully he's wrong... again.

    Cosmo is a gem.

    In the wrong hands it would lose everything special about it.
     
    sparkydog, YOleven and fraygul like this.
  6. Uncle Pauly

    Uncle Pauly Professional Grump
    Founding Fanatic

    Messages:
    706
    Likes Received:
    2,077
    Player's Clubs:
    Paiza Gold
    M Life Platinum
    Christopher Palmeri and Gillian Tan
    Fri, September 3, 2021, 10:15 AM·1 min read


    (Bloomberg) -- 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.
     
    YOleven likes this.
  7. Grid!

    Grid! Gold

    Messages:
    819
    Likes Received:
    2,107
    Player's Clubs:
    Mlife: Platinum. Borgata: Black Label. Total Rewards: Diamond.
    I like the above! "an asking price of $5 billion or more"

    So, Blackstone, how much do you need for Cosmo? $5BIL, but, we are willing to take more!

    I have heard the same rumors going back to 2019. I wouldn't flame VV for that rumor going south. Back then, it was all the dominoes falling, with Hard Rock (the brand the Seminoles owed) being sold to Virgin. The meant that the Seminoles could finally put their own Hard Rock back in Vegas. Blackstone has always shopped Cosmo, after all they bought them as an investment, not because they wanted to own a casino resort.

    So much had happened since then! COVID hit at the end of the year, and casino business was sure to suffer. The US shut down come March, and the last thing a gambling company was looking to do was buy a $5BIL resort, in the middle of all that.

    Eldo gets CET, and immediately says it will shed weight. Instead of $5BIL for Comso, Ballys Las Vegas comes into play for much, much less.

    I bet we would all be gambling at the Hard Rock right now, instead of Cosmo, had COVID not sent everything tumbling in a different direction.

    To add to all this,when Eldo sold Ballys in AC, that company renamed themselves Ballys. Turned around, and bought the Tropicana in Las Vegas, and if Ballys gets sold yet again, and the new owner renames it, the Tropicana is free to rename to Ballys.
     
    YOleven and Mr2BOBCATS like this.
  8. chico7800

    chico7800 Gold

    Messages:
    838
    Likes Received:
    2,230
    When has the for sale sign not been on Cosmo.


    Sent from my iPhone using Tapatalk
     
    Mr2BOBCATS and Grid! like this.
Loading...

Share This Page

  • About Us

    Vegas Fanatics was created from the vision of two Vegas enthusiasts to form a Vegas focused message board where we can feature what we believe are the most valued benefits of forum membership!


    Our mission is to connect Vegas lovers to relevant information such as trip reports, gambling information, reviews, and other experiences in a socially engaging way!


    © Chic Monkey Media, Inc. 2016-2018