$27m in bonuses
The Cosmopolitan of Las Vegas rewarded its 5,400 employees with a surprise $5,000 bonus Wednesday.
“We know that none of that would have been possible without the hard work and dedication of the resort’s amazing employees, and we are thrilled to recognize those contributions,” said Tyler Henritze, head of strategic investments for private equity firm Blackstone Real Estate, in a statement.
met with a shower of confetti
The resort gave $27m to its workers during a company gathering dedicated to private equity firm Blackstone’s near-ten-year control of the property before its imminent sale to MGM Resorts. The night was capped off by Cosmopolitan CEO Bill McBeath’s charitable announcement, which was met with a shower of confetti.
Details from a cheerful event
A press release detailed the “tears and applause” that filled the theater after the company’s announcement went public.
The Cosmopolitan is one of the more extravagant, high-class resorts on the Las Vegas strip. It opened its doors in 2010 and was sold to Blackstone in 2014 for $1.7bn. Blackstone turned around and invested $500m into the building’s renovation, remodeling more than 3,000 guest rooms, restaurants, and the casino floor.
MGM Resorts met the $5.65bn asking price
However, the COVID pandemic hit all Vegas properties hard, forcing the sale of the famed attraction. MGM Resorts met the $5.65bn asking price, sending Blackstone $1.6bn alongside just over $4bn from real estate investment firms.
A treacherous market
Tourism as a whole was hit especially hard by the pandemic, forcing unforeseen circumstances and ensuing sales of properties. Companies are also now finding it hard to retain employees as more businesses resume full operations.
Despite purchasing the Cosmopolitan, MGM Resorts has been actively ridding itself of real estate assets over the past year, selling the Mirage to Hard Rock for $1.08bn. Among other concerns, MGM said the property was aging and it was not willing to reinvest in it.
MGM is not leaving the market in any way, however— the entertainment giant just purchased European iGaming company LeoVegas for $607m, adding to its impressive portfolio that now also features the Cosmopolitan.
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