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Uh oh. Cosmo looking for a buyer?

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

  1. TIMSPEED

    TIMSPEED Platinum
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    110%!! GSR is definitely the biggest and best casino in Reno, with extremely liberal comps...if they integrated with Cosmo, I’d 100% be a fan.
     
    Wanker751 and Big Slotter/kdk like this.
  2. Sinnerman

    Sinnerman Bronze

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    I don't think the image on the keys has anything to with it. However, it would make some strategic sense for Wynn to consider buying Cosmo, especially if they are interested in targeting a younger demographic. With Cosmo being such an upscale property, it would not hurt their brand

    Then again, Wynn seems intent on expanding outside Las Vegas, so I don't think this is going to happen
     
    #42 Sinnerman, Jun 11, 2019
    Last edited: Jun 11, 2019
  3. Funkhouser

    Funkhouser Regional Gambling Specialist
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    I thought the CET board had rejected an offer of $12.50 from Golden Nugget owner Tilman Fertitta, granted it was a reverse merger, stock swap deal. With CZR looking for more cash and Ican increasing his position. So I don't see the El Dorado deal going for less than $13 a share, they are past the kicking the tires phase and actively looking under CZR's skirt so to say. At this stage time and money has been spent, so walking away from the deal would be devastating.

    My guess is the search for $500 million in savings is all about getting North of $13 dollars a share and lining up the financing to close the deal. It's going to get real interesting in the next 3 weeks.
     
    Sinnerman likes this.
  4. TIMSPEED

    TIMSPEED Platinum
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    In either of these cases, I’m good...since I’m a high card holder at Eldorado and GSR, haha
     
    Big Slotter/kdk likes this.
  5. Sinnerman

    Sinnerman Bronze

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    You are right. They really do want something north of $13 a share. Icahn wouldn't be happy with a 'small' profit. That being said I think paying that amount would be a major mistake for Eldorado, unless they already have a plan to unload a couple of CET properties to others and lower the combined debt load of the new company.

    The card status isn't the problem. High card holders at either property will now get the joint properties high card, no matter what program the combined properties fall under (probably total rewards).

    My fear is more than comps across the board will be slashed as they try to reduce debt load.
     
    tringlomane likes this.
  6. cryptopiggie

    cryptopiggie Silver

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    I hope i do not lose mg points
     
  7. undathesea

    undathesea Silver

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    I disagree somewhat. Platinum card at Cosmo is more difficult to earn than a Diamond card at Caesars, IMO. In fact, there are so many ways to get a TR Diamond card now that I think the TR Diamond card has been seriously devalued. Caesars is very liberal with their status matching (https://www.asksebby.com/blog/how-to-status-match-to-caesars-total-rewards-diamond-status)

    And, just looking at raw spend you can see how they're lopsided.

    $10k resort spend earns Platinum at Cosmo
    $8k resort spend earns Platinum at MGM
    $2.5k resort spend (in one day) earns Diamond at Caesars

    I thought you needed 15k tier credits to earn Diamond but it appears from their website you can do it in a single day with 2.5k credits plus the 5k credit bonus.

    In other words, allowing TR Diamond to match to Cosmo Platinum would flood their program with a TON of Platinum card players and they'd have to reduce their comps accordingly.
     
    momnkid and tringlomane like this.
  8. tringlomane

    tringlomane Theoretical Video Poker Addict
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    I guess we'll let you join...
    It's 5k tier in one day, or 2.5k tier in 2 days for diamond.

    A 5k tier day gets you a 10k tier bonus, which is 15k TC.

    And at least for the moment, you get FIVE Tier Credits per dollar of hotel spend. If that counts toward bonuses too, yeah you could get to diamond pretty quick now.
     
  9. undathesea

    undathesea Silver

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    Yeah... I thought it was 2.5k for diamond in 2 days. I read the table wrong. But still, 5k in tier credits is half of what it takes to make Platinum at Cosmo and with the liberal status matching... it would seriously devalue the Cosmo's program.

    Capture1.JPG
     
  10. kbr420

    kbr420 Bronze

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    If Alex (GSR) does buy Cosmo, that would be the best outcome IMO. Alex really made a positive impact on GSR when he bought it. Even my exec host has spoken greatly of him. I've been loyal to GSR and Cosmo for the past 6 years and basically do 90% of my play between the two. Cosmo still has better comps and point earnings though. Hopefully, Identity doesn't get too much of a revamp.
     
    Big Slotter/kdk likes this.
  11. Big Slotter/kdk

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    I feel the same way, would be nice to have one card between the two. I actually think though they are overall about the same as far as point earnings. GSR does the point multipliers too as you move up levels plus comp earnings. I get offers often with as much as a 12x point multiplier on certain days at GSR, though usually they are more like an extra 4 or 5x.

    Either way though he hasn't messed with the SLS program much yet so may not do much to Cosmo for a while if he is in fact the buyer.
     
    kbr420 likes this.
  12. Funkhouser

    Funkhouser Regional Gambling Specialist
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    I fully expect continued devaluation of player club program especially for Diamond and 7 Star. Its easier for them to address higher value players on a per gaming day basis.

    Looking around it would be easy for a buyer to shed a few non needed properties. We are hearing rumors of a PHo sale, of course Rio sale has been talked about forever. Properties I am guessing that would be sold off could be Harrahs LV ( I could see Ruffin taking that over), PHo, and Cromwell.

    Breaking up Paris / Ballys wouldn't make sense given the tight interconnection of the properties. Same with properties around the LINQ. Caesars Palace is too high profile IMHO.
     
    Sinnerman likes this.
  13. 44inarow

    44inarow Cool Story Bro
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    It's also the location of one of their largest office complexes, including all the executives, most senior leaders, etc. The logistical issues with spinning off CP would be massive. Similar to how it would be a huge problem for MGM to get rid of Bellagio at this point.
     
    MNSlotLover and NickPappageorgio like this.
  14. TIMSPEED

    TIMSPEED Platinum
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    It is?
    I thought all Corp folks were over by the airport...
     
  15. undathesea

    undathesea Silver

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    He's definitely in the "know" on this one.
     
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  16. Funkhouser

    Funkhouser Regional Gambling Specialist
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    I thought the HR department, employee service center, and career center was attached to the back of Ballys. At least for the LV properties. I thought this was the originally the legacy Park Place Entertainment offices.
     
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