• About
  • Contact Us
Saturday, June 25, 2022
Crypto Currency Financial
  • Home
  • Crypto News
  • CRYPTO CASINOS
    • Cardano Casinos
    • Ethereum Casinos
    • Litecoin Casinos
    • Tron Casinos
  • MARKET UPDATES
    • BTC ANALYSIS
    • ETH ANALYSIS
    • XRP ANALYSIS
  • About Us
  • Contact Us
No Result
View All Result
Crypto Currency Financial
No Result
View All Result
Home TRADING GUIDES

Blackstone Reportedly Looking to Offload Strip Casino for $5bn

Zorge Lee by Zorge Lee
September 6, 2021
in TRADING GUIDES
471 5
0
Blackstone Reportedly Looking to Offload Strip Casino for $5bn
655
SHARES
3k
VIEWS
Share on FacebookShare on Twitter

New York-based private equity firm Blackstone is reportedly looking to snatch $5 billion for The Cosmopolitan of Las Vegas, according to the latest round of rumors regarding the glitzy Strip property’s possible sale.

In an article published Friday, Bloomberg has named Apollo Global Management and MGM Resorts International as potential buyers.

Apollo seems a logical suitor on several levels. In the first place, the buyout firm has pockets deep enough to buy Cosmo. And it has been on a spending spree for gambling assets across several continents.

Last year, the company purchased Canadian casino operator Great Canadian Gaming Group and Italian gaming firm Gamenet and nearly bought legacy bookmaker William Hill, but lost to Caesars Entertainment.

In addition, Apollo is considered the front-runner in the ongoing race for William Hill’s non-US operations. The private equity company has also recently entered into an agreement to acquire The Venetian, the interconnected Palazzo, and Sands Expo from Las Vegas Sands. It is further reportedly eyeing some Australian gambling operations.

As for MGM, its mention in relation to The Cosmopolitan’s possible sale is a bit odd. The company, which is the largest operator on the Strip, has sold most of its properties over the past several years as it looks to build a balance sheet strong enough to enable it to invest more heavily in sports betting and develop an integrated resort in Japan.

It should also be noted that MGM is currently in the process of selling Aria Resort & Casino and Vdara Hotel & Spa to Blackstone. The private equity firm already owns half of MGM Grand and Mandalay Bay and is leasing the resorts to MGM for $292 million in annual rent.

Penn National and Golden Nugget Also Named as Potential Buyers

In a recent article, Las Vegas-focused blog Vital Vegas has noted that Tilman Fertitta’s Golden Nugget and Penn National Gaming could also emerge as suitors for Cosmo.

Mr. Fertitta has long sought to gain access to the Las Vegas Strip and has said he is potentially interested in owning one or two casinos there. The Texas businessman is in the process of taking Fertitta Entertainment public. His business empire includes five Golden Nugget casinos and the Landry’s dining and hospitality chain, among other operations.

There has also been talk that Penn National could emerge as a dark horse contender for The Cosmopolitan. However, the regional casino operator’s long-term liabilities of nearly $10 billion don’t really make a $5 billion property seem a likely acquisition target.

First rumors that Blackstone was looking to sell Cosmo emerged nearly three years ago when Vital Vegas reported that Hard Rock International was in due diligence to buy the property. However, Blackstone denied those rumors, saying no sale of the resort was under consideration at the time.

The private equity firm purchased the Strip casino-hotel complex in the spring of 2014 in a $1.7 billion deal.

In April 2019, the Wall Street Journal reported that Blackstone was assessing strategic options for The Cosmopolitan, including its sale.

Source: Blackstone to Offer Cosmopolitan In Las Vegas for $5 Billion or More, Bloomberg, September 3, 2021

Tags: 5bnBlackstoneCasinoOffloadReportedlyStrip
Zorge Lee

Zorge Lee

Lee a crypto evangelist with a deep curiosity and passion for learning and writing about everything to do with cryptocurrency. He has a background as a performing artist and songwriter and is a digital media enthusiast, with a bachelor degree in Multimedia.

Related Posts

Blue tick, a way to cover up for a huge scam

Blue tick, a way to cover up for a huge scam

May 4, 2022
LABS Group is making Marketing Alliance with KuCoin The Big Shift from Ethereum to New Binance Smart Chain

LABS Group is making Marketing Alliance with KuCoin The Big Shift from Ethereum to New Binance Smart Chain

April 2, 2022
How to Save Hawaiian Geese and Get Wealth with Grand Goose Mansion?

How to Save Hawaiian Geese and Get Wealth with Grand Goose Mansion?

February 16, 2022
Announcing TurboXBT, The Newest Short-Term Trading Platform And Why You Should Care

Announcing TurboXBT, The Newest Short-Term Trading Platform And Why You Should Care

November 6, 2021
How to Stop Liking Someone And Move On For Good

How to Stop Liking Someone And Move On For Good

September 16, 2021
Aurora reverses itself on pot hospitality measure when second vote comes up short

Aurora reverses itself on pot hospitality measure when second vote comes up short

September 14, 2021

Trending

Introducing Lords of The Lands – A Futuristic Metaverse Space for NFT Rentals
NFT

Introducing Lords of The Lands – A Futuristic Metaverse Space for NFT Rentals

1 day ago
8DAO: Asia’s first Social DAO, using social capital to build a Web3 ecosystem
Crypto

8DAO: Asia’s first Social DAO, using social capital to build a Web3 ecosystem

1 week ago
KCC Opens Validator Election, 100% of the KCC Gas Fee Allocated To Active Validators
Crypto

KCC Opens Validator Election, 100% of the KCC Gas Fee Allocated To Active Validators

1 week ago
Crypto

Coinhub AI quantitative trading leads the new wave of crypto, with user data up over 200% in Q2

1 week ago
Animoca Brands, Leading Blockchain Games Company, Becomes Lead Liberty Gaming Investor
NFT

Animoca Brands, Leading Blockchain Games Company, Becomes Lead Liberty Gaming Investor

2 weeks ago

Recent Post

  • Introducing Lords of The Lands – A Futuristic Metaverse Space for NFT Rentals
  • 8DAO: Asia’s first Social DAO, using social capital to build a Web3 ecosystem
  • KCC Opens Validator Election, 100% of the KCC Gas Fee Allocated To Active Validators
  • Coinhub AI quantitative trading leads the new wave of crypto, with user data up over 200% in Q2
  • Animoca Brands, Leading Blockchain Games Company, Becomes Lead Liberty Gaming Investor
  • MemeKong Setting The Standard For Meme Coins
  • JPEX is teaming up with the Western Sydney Wanderers to give away 250 exclusively designed NFT “J-ball”.

Categories

  • AI Trading
  • Axia
  • Bitcoin
  • Blockchain
  • Blockchain News
  • Business
  • Crypto
  • Crypto News
  • Cryptocurrency
  • Cryptonews
  • Cryptos
  • Deepcoin
  • Gaming
  • Guest Post
  • ICO
  • Metaverse
  • News
  • NFT
  • Press Release
  • Technology
  • Tezro
  • Token
  • Trading
  • TRADING GUIDES
  • Wallets

Tags

2020 Announces Betting Bitcoin blockchain Brides cannabis Casino Casinos Colorado Content coronavirus Covid19 crypto Cryptocurrency Currency Deal financial foreign Gambling Games Gaming Group Launch Launches live marijuana market Online Partners Partnership Play pot Pragmatic Red reports revenue Simple Slot Slots Solutions Sports Supply unveils William

About

The cryptocurrencyfinancial publishes regular news, analysis and opinion pieces on the latest developments in this fast-moving space. We offer the latest crypto news, expert pricing analysis and insight on the latest ICO's.

Contact Us: [email protected]

  • About
  • Contact Us

Associated with Blockchain Press Media Network

No Result
View All Result
  • Home
  • Blockchain
  • Crypto
  • News
  • Press Release
  • Price Analysis

Associated with Blockchain Press Media Network

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)
    $47,760.000.100% 24H
    BITCOIN
    24H : 0.100%
    Volume : $25,691,746,641.00
    Marketcap : $902,767,395,534.00
  • ethereumEthereum(ETH)
    $3,750.30-0.42% 24H
    ETHEREUM
    24H : -0.42%
    Volume : $15,543,537,817.00
    Marketcap : $446,191,570,291.00
  • binancecoinBinance Coin(BNB)
    $523.71-0.25% 24H
    BINANCE COIN
    24H : -0.25%
    Volume : $1,715,282,504.00
    Marketcap : $88,112,540,019.00
  • tetherTether(USDT)
    $1.0000.050% 24H
    TETHER
    24H : 0.050%
    Volume : $52,703,800,023.00
    Marketcap : $78,519,198,598.00
  • solanaSolana(SOL)
    $175.020.210% 24H
    SOLANA
    24H : 0.210%
    Volume : $1,660,210,957.00
    Marketcap : $54,115,741,275.00