Blackstone Selling Vegas Casino, Firm’s Most Profitable Property Deal

The Wall Street Journal2021-09-28

Total profits after the sale would be about $4.1 billion, including cash flow from the property’s operations. Blackstone Inc.has reached an agreement to sell the Cosmopolitan casino and hotel on the ...

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精彩评论

Huatkor
2021-09-28
Huatkor
Money breed more money
- Weijielim:
  ok
Muppy
2021-09-28
Muppy
Casino like wsb
claratan
2021-09-28
claratan
Wow 👏 😮 👌
- Muppy:
  whoa
June_C
2021-09-28
June_C
[Cool] Vegas
KBchan
2021-09-28
KBchan
Please like and comment
- Tomxx:
  Ok
Daleo
2021-09-28
Daleo
Like
- KBchan:
  ok
- HOTBE:
  ✌️

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The company made back nearly 10 times the amount of equity it invested in the Cosmopolitan, the letter said.\nThe deal separates ownership of the property from the hotel and casino operations, which are being sold toMGM ResortsInternational for $1.625 billion, MGM said. A partnership that includes a Blackstone real-estate investment trust is acquiring the property for about $4 billion, according to the Blackstone investor letter.\nThe buyers’ group also includes Stonepeak Partners, an infrastructure-focused investment company, and the Cherng Family Trust, a Las Vegas-based family office for the founders of the Panda Restaurant Group, Blackstone said.\nThe deal marks the latest in a flurry of real-estate sales activity on the Las Vegas Strip, as casino operators look to raise cash for growing operations like sports betting and entertainment by selling their real estate.\nIn August, real estate ownerVici PropertiesInc.agreed to buyMGM Growth Propertiesin a deal that values the casino real-estate owner at $17.2 billion, including debt. MGM Resorts previously spun off MGM Growth Properties and still controls the REIT, whose Las Vegas properties include Mandalay Bay, Luxor and MGM Grand Las Vegas.\nEarlier this year,Las Vegas SandsCorp.agreed tosell its Las Vegas propertiestoApollo Global ManagementInc.and a real-estate investment trust for about $6.25 billion. The first new megacasino on the Strip in more than a decade, the $4.3 billion Resorts World,also openedover the summer.\n“Vegas has had a strong recovery coming out of the pandemic and solidified itself as a diversified entertainment destination,” said Tyler Henritze, Blackstone’s head of acquisitions for the Americas.\nPointing to the new professional sports franchises like the Raiders football team and new entertainment venues from MGM, Mr. Henritze added, “it’s not just about gaming anymore.”\nLas Vegas tourism has climbed back steadily this year, despite concerns over the Delta variant. In July, more than 3.3 million people visited Las Vegas, about 90% of pre-pandemic visitation for the same month in 2019. Casinos have brought back dining, including buffets, and entertainment, even as state officials restored an indoor mask mandate for areas with high rates of Covid-19 transmission, including Las Vegas.\nBut worries over the pandemic are still damping the convention business, which drives much of the hospitality economy in Las Vegas. Earlier this month, the National Association of Broadcasters, which brought more than 90,000 attendees to Las Vegas in 2019, canceled its October show, citing the pandemic and the Delta variant. The group delayed the event until April 2022.\nThe Cosmopolitan was one of the most high-profile real-estate flops during the boom years leading up to the 2008 market crash.Deutsche Banktook ownership after developer Ian Bruce Eichner defaulted. The German bank sunk around $4 billion into the Cosmopolitan, first as a lender and then as an owner after it took over the property.\nBlackstoneacquired the Cosmopolitan in 2014from Deutsche Bank and began pumping money into a hotel that was charging some of the highest room rates on the Strip with a casino ranked near the bottom in terms of revenue.\nThe company converted the unfinished top four floors of the hotel’s 52-story east tower into luxury suites geared toward Asian gamblers and other high rollers. To attract a younger crowd, Blackstone added 18 new bars and restaurants. Blackstone also brought in a new management team, resolved a pending labor dispute with the previous owner, opened up the gaming floor and increased the sports-betting business.\nThe hotel was nearly 87% occupied for the month of September through Friday, with average daily room rates at $448, according to Blackstone.\nThe Cosmopolitan was the first major operating casino on the Strip to hit the market in more than a decade, when Blackstone began exploring a sale in 2019. At the time, Blackstone was hoping for about $4 billion for the independently run casino and hotel but with Las Vegas bouncing back was able to exceed the company’s initial expectations.\nBlackstone still has holdings in Las Vegas, including ownership stakes in other Strip casinos and industrial portfolio. “We certainly still have a bullish view on Vegas,” Mr. Henritze said.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":866598067,"gmtCreate":1632788771559,"gmtModify":1632797587329,"author":{"id":"3581919183376534","authorId":"3581919183376534","name":"Huatkor","avatar":"https://static.tigerbbs.com/6f3897aace055b5fa9f58089c1e880d8","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3581919183376534","authorIdStr":"3581919183376534"},"htmlText":"Money breed more money&nbsp;","listText":"Money breed 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like wsb","listText":"Casino like wsb","text":"Casino like wsb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/866508764","repostId":1123925689,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":866501139,"gmtCreate":1632788329821,"gmtModify":1632797589479,"author":{"id":"3573731928321338","authorId":"3573731928321338","name":"claratan","avatar":"https://static.tigerbbs.com/9c6bbdac9048ff2e4b740f272576e2be","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3573731928321338","authorIdStr":"3573731928321338"},"htmlText":"Wow 👏 😮 👌&nbsp;","listText":"Wow 👏 😮 👌&nbsp;","text":"Wow 👏 😮 👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/866501139","repostId":1123925689,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6019416,"gmtCreate":1632788359091,"gmtModify":1634783985365,"authorId":3578278614559162,"author":{"id":3578278614559162,"idStr":"3578278614559162","authorId":3578278614559162,"name":"Muppy","avatar":"https://static.tigerbbs.com/51bd92f5e7a1327b1a0a9b7333dafa96","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":866501139,"type":1,"supId":0,"prevId":0,"content":"whoa","text":"whoa","html":"whoa"}],"langContent":"CN"},{"id":866501927,"gmtCreate":1632788319669,"gmtModify":1632797589501,"author":{"id":"3574813964437135","authorId":"3574813964437135","name":"June_C","avatar":"https://static.tigerbbs.com/ae77017e1795eeceab087663e5586137","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574813964437135","authorIdStr":"3574813964437135"},"htmlText":"[Cool]&nbsp;Vegas&nbsp;","listText":"[Cool]&nbsp;Vegas&nbsp;","text":"[Cool] 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