Las Vegas Strip Casino, Cosmopolitan, Exploring A Possible SaleAfter Buying Cosmopolitan Of Las Vegas For $1.73 Billion Four Years Ago, The Blackstone Group Could Sell It For $4 Billion |
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The Blackstone Group, owners of the Cosmopolitan of Las Vegas, are considering selling the strip hotel-casino, according to a report from the Wall Street Journal.
The Blackstone Group bought the property for $1.73 billion about five years ago from Deutsche Bank AG. Blackstone spent another $500 million on renovations, adding the 21 penthouse suites, 18 bars and restaurants, as well as renovating 3,000 rooms.
According to the reports, the property could sell for about $4 billion.
The property was owned by the German investment bank because the previous ownership group defaulted on loans in 2008. Now, the bank that used to own the casino has been brought on to help explore sale options. Deutsche Bank and PJT Partners were hired by the Blackstone Group to advise them through the sale process.
Possible buyers for the property located just south of the Bellagio Hotel and Casino include MGM, Wynn Resorts, and the Genting Group. The Genting Group, an Asian gaming giant, is set to open their first strip casino, Resorts World Las Vegas, in 2020.
The reports of a possible sale come on the heels of another rumored sale in Las Vegas. Carl Icahn, a billionaire investor that owns 18 percent of Caesars Entertainment, is pushing for the company to be sold.
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