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Uh oh. Cosmo looking for a buyer?

Discussion in 'Exclusives from The Cosmopolitan' started by serenasea, Apr 17, 2019.

  1. serenasea

    serenasea Bronze
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  2. NickPappageorgio

    NickPappageorgio ¿Quién vigila a los vigilantes?
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    I think this is more a matter of "when" not "if". Blackstone doesn't seem to want to be in the hotel/casino/resort operating business long term.

    Their shareholders are looking for ROI.
     
    tringlomane likes this.
  3. 44inarow

    44inarow Cool Story Bro
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    To be fair, Blackstone has been looking for a buyer for Cosmo in some form or another ever since they bought it. They own and invest in companies, they're not really in the business of operating; I'm pretty sure the whole point was to buy it, improve it, and flip it. And considering they're apparently hoping for about $4 billion, after buying it for about $1.75 billion a few years ago, that's not a bad ROI.
     
  4. Wanker751

    Wanker751 Chairman
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    #anyonebutmgm

    I would like it to stay independent if possible.
     
    momnkid, sparkydog, gerryred and 5 others like this.
  5. fraygul

    fraygul Bingo Nerd

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    Same. I'm not getting too freaked about who, as long as CET and MGM stay away from it.
     
    Wiscolovesvegas and momnkid like this.
  6. Universal

    Universal Silver
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    I would love for MGM to buy it, but I am not a gambler.
     
    clarkgriswald likes this.
  7. PartTimeDegen

    PartTimeDegen Platinum

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    I'm hoping for either Virgin or the Stevens Group even though I know there's probably a 0% chance of that happening lol.
     
  8. Big Slotter/kdk

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    At least we know it won't be CET anytime soon.

    Also hoping it's not MGM. If I could have my wish, it would be Monarch Gaming that buys it. They own Atlantis in Reno. However, I think they only own three casinos total so probably not the most likely one.
     
  9. greekjim

    greekjim Bronze

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    Whatever happened to the Seminoles buying it and making it into a Hard Rock?
     
  10. Funkhouser

    Funkhouser Regional Gambling Specialist
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    That was never going to happen. I thought for sure Crown resorts would have made a move, but they are still mopping up the Packard mess.
    Not sure a regional player could fund the cash to buy Cosmopolitan or a major hotel player would purchase and outsource the casino operations.

    Marriott hasn't made a move and looking at the 240,000 ft of convention space, they would need to grow to make it more attractive to group sales focused
    operators. I think a gaming company looking for an upscale brand with prime Vegas location is the buyer.

    Chow Tai Fook Capital Limited? Penn National? or some other Multi-real estate development group?
     
    Big Slotter/kdk likes this.
  11. Marilynfan

    Marilynfan Silver

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    Ugh. These rumors really do make me nervous seeing as I have moved all of my eggs into the Cosmo basket. If they screw with the players club all of these years of loyalty might end up meaning nothing.
     
    momnkid likes this.
  12. momnkid

    momnkid Platinum
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    This is my concern too. But it was a great ride for us either way. Need to book another trip just in case it moves faster than I think it will. ;)
     
    kwool, bebe and Marilynfan like this.
  13. 44inarow

    44inarow Cool Story Bro
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    This is wild speculation on my part, and I have no idea if they could even get a license, but the Cherngs have been diversifying out of the restaurant space -- they just bought the Waldorf Astoria (née Mandarin Oriental) at CityCenter, after all. And given that both Eldorado and Tilman Fertitta are apparently in an acquisitive mood, I could see one of them trying to jump in as well. Penn is probably unlikely, a place like Cosmo isn't really their thing and they just recently had to shed properties in connection with the merger. Chow Tai Fook is an interesting possibility, though they'd have to go through licensing as well.
     
  14. dvandentop

    dvandentop Chairman
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    Would be interesting if Tillman picked it up and left things unchanged
     
  15. NickPappageorgio

    NickPappageorgio ¿Quién vigila a los vigilantes?
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    I could see Tillman taking a stab, but he's currently sequestered in CET's data room. Still, that doesn't mean he would be adverse to pivoting. He's got tons of cash and could afford it.

    I think it will either be the Cherngs or Chow Tai Fook (as mentioned by others), with a deal pending licensing, if it's not MGM (which is my ML odds leader but not at chalk odds)
     
  16. slotmanjack

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    Blackstone stock is up 7% yesterday with huge volume.

    I think a deal is closer than it’s ever been.

    Avg volume 3 mill yesterday 27 mill shares traded.
     
  17. sparkydog

    sparkydog Palladium
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    Maybe the announcement that they are planning to convert to a corporation July 1, 2019 might be the reason. Will be interesting
     
  18. Wiscolovesvegas

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    I literally just said to my hubby after reading it “ shit hope it’s not MGM” not because I despise them but more because they really let a lot of their properties go downhill and would hate to see that happen to Cosmo. :(
     
  19. Indianasoxfan

    Indianasoxfan Platinum
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    It’s been a fun ride for me at Cosmo for the last 9 years. Trouble is all my eggs are in one basket now because I only gamble there. If it does sell hope the new owners keep the quality high and the offers loose.
     
    sparkydog and Marilynfan like this.
  20. Goldenknight

    Goldenknight Platinum

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    I've not been loyal to Cosmo nearly that long, but one trip of really good play there got me into their good graces pretty easily. Obviously I hope that whoever takes over keeps comps and the resort pretty much the same.

    I figure worst case is that things go downhill, and I pick a resort I want to try and move to and just go hard there for a trip and hope that it gains enough interest for the comps to roll in.
     
    Wanker751 likes this.
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