#Blackstone Group

Review Journal

Bellagio on Las Vegas Strip marks 25th anniversary

When you say the name, it immediately evokes a vision of Las Vegas luxury. The stately 3933-room Strip resort turns 25 on Sunday. It seems like only yesterday that Las Vegas turned out on a chilly and breezy Thursday evening to see Steve Wynn's latest lodging masterpiece with a massive casino - one of the city's five largest - a seasonally changing…

Land-based ・ 14 October 2023

CoStar

New York Developer Gambles on Las Vegas Shift Toward Strip-Facing Stores

More than ever, new retail space being added off the Las Vegas Strip is bursting out onto the street. Stores on Las Vegas Boulevard, the famous 4-mile-long bustling corridor in the U.S. gambling capital, have traditionally been ensconced indoors in air-conditioned casino hotels or within a handful of enclosed malls. But two new projects, one under…

Land-based ・ 14 September 2023

Card Player

Las Vegas Casino Gives $27M In Worker Bonuses After $1.6B Sale

The U.S. economy appears to be on the decline, but a Las Vegas casino still awarded employee bonuses as part of a soon-to-be-completed $1.6 billion sale. The Cosmopolitan of Las Vegas on Wednesday gave more than 5000 of its workers each a $5000 cash bonus, for a total bonus payment of about $27 million. The current owner of the casino is Blackstone…

Land-based ・ 07 September 2022

ABC Australian Broadcasting Corporation

NSW gaming regulator finds Blackstone 'suitable' to hold licence for Sydney casino

Corporate equity giant Blackstone is a step closer to its takeover of Crown Resorts after gaming regulators in NSW and Victoria ruled it was "suitable" to hold a casino licence. Blackstone is pursuing an $8.9 billion takeover of Crown Resorts The equity giant has been subjected to an extensive probity assessment Crown has been prevented from…

Travel ・ 09 June 2022

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CoStar

Blackstone Wraps Up $4 Billion Sale of Cosmopolitan Casino Hotel in Las Vegas

Blackstone Group completed the $4 billion sale of the 3027-room Cosmopolitan hotel in Las Vegas from one of its funds to another, in what appears to be the largest single-property sale in the city's history as the U.S. gambling capital's recovery from the pandemic accelerates. This news story is available exclusively to CoStar subscribers. Watch…

Travel ・ 20 May 2022

World Casino News

The Cosmopolitan of Las Vegas is under new management

American casino operator MGM Resorts International has announced that it is now running the prestigious The Cosmopolitan of Las Vegas property following the completion of an around $1.62 billion deal with The Blackstone Group Incorporated. The Las Vegas-headquartered firm used an official Tuesday press release to detail that the arrangement forms…

Industry ・ 18 May 2022

Review Journal

Cosmopolitan Las Vegas now an official MGM Resorts property

The Cosmopolitan of Las Vegas officially became an MGM Resorts International property Tuesday after the company closed its $1.625 billion deal with the Blackstone Group. The closing has been anticipated for months and picked up steam after three regulatory bodies - the Nevada Gaming Control Board, the Nevada Gaming Commission and the Federal Trade…

Travel ・ 18 May 2022

Techie + Gamers

Top 10 Richest Casino Owners in the World

Casinos bring in a lot of money, more than most people may realize. In fact, they generate billions of dollars each year. Players come in with a big chance of losing, but the casino owners will always win. The house always has an edge, which means that over time, they will make more money than the players. Here are the leading individuals earning…

Top and Best ・ 19 April 2022

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Star Hid AU$900m in Gambling Transactions From Banks

The Star allegedly lied to banks and categorized AU$900m (US$660.5m) worth of gambling transactions as hotel expenses. [Image: Shutterstock.com] The Star Entertainment Group allegedly hid AU$900m (US$660.5m) worth of Chinese gambling transactions from banks, an inquiry into the Australian casino company has heard. The operator disguised the money…

Gaming Authorities ・ 17 March 2022

News4Jax

Hard Rock International buying The Mirage operation in Vegas

LAS VEGAS - Hard Rock International said Monday it wants to see how a guitar-shaped hotel will play at the heart of the Las Vegas Strip. In what MGM Resorts International CEO and President Bill Hornbuckle called "a significant milestone for MGM Resorts and for Las Vegas," the companies announced MGM Resorts will sell operations of The Mirage to…

Travel ・ 14 December 2021

World Casino News

Superbet online casino rolls out Red Tiger slots

To "further enrich and differentiate the user experience," Romania's largest sports betting operator, Superbet, has partnered with casino games development company Red Tiger Gaming in an exclusive deal that will see it add the Malta-based firm's slots portfolio and jackpots solutions to its popular online casino. Under the agreement, player…

Industry ・ 09 December 2021

Golden Casino News

MGM Resorts continues to expand, targets new facility in Las Vegas

MGM Resorts International Considering a New Facility on the Las Vegas Strip. MGM Resorts is growing increasingly enthusiastic about the southern end of the Las Vegas Strip's future. This week, one of its top officials indicated that additional improvements in the area might be imminent. MGM Resorts, which operates most of the Strip's casinos,…

Travel ・ 06 December 2021

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The Nevada Independent

How VICI Properties is quietly becoming landlord to the biggest casinos in Vegas

In the waning days of Caesars Entertainment's two-year bankruptcy reorganization, creditors struggled with a name for a new spin-off company taking ownership of 19 casinos that would control the land and lease the properties back to the operator. Consultants suggested Senatus Populusque Romanus, or SPQR, the term used for the government of ancient…

Travel ・ 23 November 2021

The Nevada Independent

A buyer’s market: Vegas Strip casinos a hot commodity

High-profile Las Vegas Strip resorts aren't put up for sale every day. Last week, however, Caesars Entertainment and MGM Resorts International, the Strip's two largest operators with a combined 17 properties, each said they wanted to part ways with a hotel-casino. In a year that has seen more than $30 billion in announced mergers and acquisition…

Covid ・ 08 November 2021

Big News Network

MGM Resorts to sell Mirage casino in Las Vegas

Robert Besser 8th November 2021, 02:21 GMT+11 LAS VEGAS, Nevada: MGM Resorts has announced plans to hand over the operations of its Las Vegas reosrt, the three-decade-old Mirage resort and casino, to another group as part of an expected sale. During a quarterly earnings conference call, MGM made the announcement about the sale on November 3, while…

Travel ・ 07 November 2021

The Real Deal

Blackstone to Net $4B Profit in Sale of Vegas Casino

The Blackstone Group can head to the slots after netting a record profit for the sale of a single asset: The Cosmopolitan of Las Vegas. Blackstone has agreed to sell the Las Vegas Strip hotel and casino for more than $5.6 billion, more than three times the $1.8 billion it paid for the property seven years ago. The company stands to make almost $4.1…

Travel ・ 04 October 2021

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MGM Closes Sale-Leaseback of Aria, Vdara in Las Vegas

MGM Resorts International has closed a sale-leaseback arrangement with Blackstone Group for a pair of Las Vegas hotels. The two parties initially agreed on details of the deal in July this year. In a Tuesday statement, the casino operator confirmed that it had purchased Infinity World's 50% interest in CityCenter Holdings. The $2.13bn deal gave MGM…

Covid ・ 04 October 2021

Review Journal

MGM Resorts makes shrewd move to acquire The Cosmopolitan of Las Vegas

Last week, the largest employer on the Strip made the surprise announcement that it's acquiring the operations of The Cosmopolitan of Las Vegas for $1.625 billion. It's part of a larger $5.65 billion real estate deal for Blackstone with a method in vogue in the gaming industry these days: A group of investors is buying the real estate beneath The…

Travel ・ 04 October 2021

Real Money

Macau's Casino Stocks, Near Record Lows, Face Specter of Tough License Reviews

Macau's casino stocks are at or near all-time lows after a savaging this week, but it isn't the time to be buying them just yet. You need to be an exceptionally brave speculator willing to play a little Chinese roulette. There's too much uncertainty to be able to derive any sensible value in these names. The spark for this latest selling is a…

Finance ・ 17 September 2021

World Casino News

CityCenter Las Vegas approval for MGM Resorts International

American casino operator MGM Resorts International has reportedly received unanimous consent from the Nevada Gaming Control Board to complete its planned $2.1 billion purchase of a 50% stake in the CityCenter Las Vegas development. According to a Wednesday from the Las Vegas Review-Journal newspaper, the envisioned proposition would see the Las…

Travel ・ 09 September 2021

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Superbet Buys Fellow Gambling Op Napoleon to Expand Regulated Footing

Romanian gambling operator Superbet has acquired Belgian peer Napoleon Sports & Casino in a move that will allow it to enter Belgium's regulated gambling market. No financial details about the deal were disclosed, but Romanian news outlets reported Superbet is set to pay between €350 million and €400 million for the other operator in the largest…

Law ・ 16 July 2021

Casino News Daily

Casino Giant MGM Offloads Aria, Vdara to Blackstone in $3.9bn Deal

Las Vegas casino operator MGM Resorts International has agreed to sell Aria Resort & Casino and Vdara Hotel & Spa to New York-based private equity firm The Blackstone Group in a $3.89 billion deal. Blackstone will lease the resorts back to MGM for an initial annual rent of $215 million, it also became known. Both transactions are expected to close…

Travel ・ 02 July 2021

Market Watch

Australian Casinos Probed For Possible Anti-Money Laundering Law Breaches

SYDNEY--Australia's two largest casino operators are facing fresh scrutiny from regulators after the government's financial intelligence agency uncovered potential breaches of anti-money laundering law. Crown Resorts Ltd., which is already facing multiple investigations from Australian authorities amid disquiet over its business practices in Sydney…

Incidents ・ 07 June 2021

Real Money

Crown Shares Soar on Blackstone Bid for Aussie Casino Operator

Crown Resorts (CWLDY) shares won big on the ASX today, with the stock soaring 21.4% in Sydney trade. That's after the troubled casino operator on Monday said it had received an A$8.0 billion (US$5.4 billion) buyout bid from the world's largest private-equity investor, the Blackstone Group (BX). The offer from Blackstone, which already owns 9.99% of…

Travel ・ 07 May 2021

Real Money

Australia's Largest Casino Company Loses Big With License Findings

Australia's largest gambling company, Crown Resorts, is facing a crisis of its own making after a damning report that finds it unfit to open its newest casino. Crown has already opened the doors to the nice-and-shiny, 75-floor Crown Sydney skyscraper, which is now Sydney's tallest building. The hotel and restaurants are open for customers. But the…

Travel ・ 07 May 2021

The West News

Top Casino's around the world you should visit

Casino's has been part of European culture since 17th Century, the first know European gambling house was established in Venice, Italy, in 1638 by the Great Council of Venice to provide organized gambling during the carnival season. Macau and Las Vegas are currently most popular hub of Casino in world. Featuring an incredible range of progressives…

Baccarat ・ 13 February 2021