Casino: Jackpot in Las Vegas – Economy

Las Vegas is not the place to go to save your money anyway. Here on the “Strip”, the legendary casino mile, the games are played – and best of all with high stakes. Then there is also something to be gained.

Blackstone has now landed one of the biggest jackpots in town, not at the gaming table, but with it: Investment firm sells hotel and casino complex “The Cosmopolitan” after good seven years with a net profit total of about 4.1 billion. Dollar. According to media reports, the company wrote in a letter to its investors that this was the highest profit ever made with a single investment. The casino’s motto is surprisingly apt: “Less is boring”, which loosely means something like “less is boring”.

10,000 square meters of luxury gambling den

In any case, the “Cosmo”, which opened in 2010, is considered one of the most luxurious properties in Vegas: there are two hotel towers over 180 meters high with around 3000 rooms. , a 10,000 square meter casino, restaurants, bars, shopping possibilities, swimming pools, a spa and a spa theater with 3,200 seats. If you want and can afford it, you can, for example, book three nights in a penthouse that includes arrival and departure by private jet, 24-hour butler service and a personal photographer for the entire stay for one. meager quarter of a million dollars – plus a little change for the casino, of course.

But where there are winners, there are usually losers. In this case, they are also located in twin skyscrapers – but in Frankfurt. Blackstone bought the “Cosmo” from Deutsche Bank in 2014 – for just $ 1.7 billion. The had come to the resort during the financial and economic crisis in the United States because original builder Ian Bruce Eichner had financial difficulties. So the bankers themselves finished the complex for more than $ 4 billion and operated it for several years, but with continued losses in the triple-digit million range. Then Blackstone took over, invested an additional half a billion in expansion and remodeling, and managed the turnaround. So now that everything is sold, the MGM Resorts International casino group is taking over the “Cosmo” for nearly $ 5.7 billion. Less would have been boring.

Editor’s Note: In an earlier version of this text, it was said that the Blackrock group had now sold “The Cosmopolitan”. It is true, however, that the complex was previously owned by investment firm Blackstone. We apologize for this error.

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