https://seekingalpha.com/news/3451513-blackstone-explores-selling-vegass-cosmopolitan#email_link
Since acquiring Cosmo from Deutsche Bank bank in 2014, the potential sale price of the property is now approximately double it's $2.2B investment (incl renovation). Profits are strong and Cosmo now commands among the highest room rates on the Strip.
It's an attractive gem, but I'd fear acquisition would dull it's luster (particularly if a casino group such as MGM is the buyer).
Cosmo's success is in large part due to it's independence in styling its business. Efforts to bring it into the "fold" through joint player clubs, policies, etc. will likely be to it's detriment.
One can hope that a largely independent operator will bite, or that an established group will recognize the value of leaving a gem "pristine" (and possibly integrating its best features within the existing group). Not sure there's an established track record on that front.
Posted by: harry.porter@verizon.net
| Reply via web post | • | Reply to sender | • | Reply to group | • | Start a New Topic | • | Messages in this topic (1) |
