#Blackstone

Final preparations are being put in place for Chase County Hospital Foundation's 2nd annual Casino Night fundraiser on Saturday night. Coordinators are planning for up to 200 people for the event at the Nutrien Event Center on the Chase County Fairgrounds. Casino Party USA is returning with a team of professional dealers from Denver after a…

With casino operators making hefty rent payments, Rio landlord Eric Birnbaum wants more of the action. His firm, Dreamscape Companies, recently announced that it raised $850 million in capital. It's launching a real estate investment trust that will own casino, hospitality and entertainment assets, and an entity to operate such businesses,…

Selling a casino to a landlord for a mountain of cash sounds pretty tempting. There are also some big strings attached - and not every hotel boss in Las Vegas is interested right now. Executives with Station Casinos, Boyd Gaming Corp. and Fontainebleau Las Vegas recently touted the benefits of owning their properties or stated they aren't looking…

The slowdown in transactions across commercial real estate as a result of higher interest rates is unlikely to dramatically change in the near term as the question of value continues to plague buyers, sellers and lenders. But properties that house gaming operators are proving the exception. Not only did casino tenants pay rent when closed during…

Real estate investment trust VICI Properties has completed its buyout of MGM Grand and Mandalay Bay's real estate. The acquisition further cements the casino landlord's ownership of huge resorts along Las Vegas Boulevard. VICI, which already owned a 50.1% percent stake in the properties, announced Monday that it closed its purchase of the remaining…

Casino landlord Vici Properties completed its buyout of MGM Grand and Mandalay Bay's real estate, further cementing its ownership of huge resorts along Las Vegas Boulevard. Vici, which already owned a 50.1 percent stake in MGM Grand and Mandalay Bay, announced Monday that it closed its acquisition of the remaining 49.9 percent from financial giant…

Over the past few years, two firms have shelled out billions of dollars for casino real estate along the Strip. Now they are plowing a fortune into a long-planned resort with a tumultuous history: the Fontainebleau. Last month, developers of Fontainebleau Las Vegas announced they secured a $2.2 billion construction loan to finish the towering…

In 2022, Las Vegas announced several new projects coming to The Strip and beyond. Many acquisitions, such as Hard Rock's purchase of The Mirage, have become more official, while Station Casinos plans to build several properties by 2030, including Durango Casino & Resort, which will open late next year. The results of those construction plans, new…

After the NSW Independent Liquor and Gaming Authority (ILGA) approved Crown to operate its Sydney property last month, Crown Sydney has now announced it will open its doors in August to VIP visitors only. The operator, which will be closely monitored by the ILGA in its activities, described its new gaming facility as "intimate", featuring "two…

Builder and operator of hospitality and commercial properties Fontainebleau Development and Koch Real Estate Investments (KREI) have secured - with J.P. Morgan as an administrative agent - a $2.2 billion construction loan to complete Fontainebleau Las Vegas. Real estate investment trust VICI has agreed to provide up to $350 million in mezzanine…

On Friday, December 23, the founders of the long-postponed Fontainebleau Las Vegas project publicly announced that they have acquired a $2.2 billion construction loan to complete construction of the Fontainebleau Las Vegas resort & casino in the fourth quarter of 2023. Obtaining a construction loan: A new union formed in 2021 between Fontainbleau…

In 2022, Las Vegas announced several new projects coming to The Strip and beyond. Many acquisitions, such as Hard Rock's purchase of The Mirage, have become more official, while Station Casinos plans to build several properties by 2030, including Durango Casino & Resort, which will open late next year. The results of those construction plans, new…

Developers of the long-delayed Fontainebleau resort and casino have obtained $2.2 billion in construction financing, putting one of the Las Vegas Strip's largest development projects on track for planned completion in the fourth quarter of 2023. Fontainebleau Development President Brett Mufson called the financing a milestone, after his Aventura,…

Image Source: Shutterstock.com A long-delayed casino resort slated to appear on the Las Vegas Strip is set to finally complete construction work after securing a $2.2 billion loan from a group of banks and other investors. Fontainebleau Las Vegas, developed by a partnership between Fontainebleau Development and Koch Real Estate Investments (KREI),…

Sacrebleu! The Las Vegas Strip is getting another casino. A joint venture between Fontainebleau Development and Koch Real Estate Investment has locked down the $2.2 billion needed to build its new 67-story hotel, entertainment and gaming destination in Sin City, the developers announced Friday. At a time when financing is harder to secure than a…

When The Mirage changed hands this week, it marked the beginning-of-the-end for its iconic volcano attraction. The sale also shed more light on a growing, lucrative real estate trend on Las Vegas Boulevard: Casino landlords are collecting hefty rents. MGM Resorts International announced Monday that it closed its nearly $1.1 billion cash sale of The…

A number of casino operators changed up their real estate portfolio this year with sales, acquisitions and leasebacks - showcasing a flurry of activity after the short but steep economic fallout caused by the COVID-19 pandemic. And a number of those deals, announced last year, have closed in 2022. Here are six of this year's major deals on the…

Clark County commissioners gave billionaire Tilman Fertitta the green light on Wednesday to develop a towering hotel-casino on the Strip. The commission approved Fertitta's plans for a 43-story, 2420-room project in the tourist-choked casino corridor. The upscale resort, at the southeast corner of Las Vegas Boulevard and Harmon Avenue, would…

Regional gaming got a shakeup this week, with a big Las Vegas player selling a key property on the East Coast. Liquidity is the name of the game in the current economic environment, and Wynn Resorts (WYNN) - Get Free Report is being proactive with its properties. The Las Vegas-based casino operator announced the completion of a planned sale of land…

Good morning, and welcome to the Indy Gaming newsletter, a weekly look at gaming matters nationally and internationally and how the events tie back to Nevada. If a colleague or associate emailed this newsletter to you, please to sign up and receive your own copy of Indy Gaming in your inbox. - Howard Stutz American Gaming Association CEO Bill…

In one of the biggest casino deals of 2022, VICI Properties has taken full ownership of MGM Grand Las Vegas and Mandalay Bay in a transaction valued at $5.5bn. [Image: Shutterstock.com] In what the Wall Street Journal has deemed one of the biggest US casino deals of 2022, private equity giant Blackstone is selling its 49.9% stake in MGM Grand Las…

The largest property owner on the Las Vegas Strip is doubling down and taking full ownership of the MGM Grand Las Vegas and Mandalay Bay, which the deal values at $5.5 billion. VICI Properties, a real estate investment trust based in New York, has agreed to buy Blackstone's 49.9% stake in the two Las Vegas casino resorts. VICI currently owns a…

The largest property owner on the Las Vegas Strip is doubling down and taking full ownership of the MGM Grand Las Vegas and Mandalay Bay, which the deal values at $5.5 billion. VICI Properties, a real estate investment trust based in New York, has agreed to buy Blackstone's 49.9% stake in the two Las Vegas casino resorts. VICI currently owns a…

New York financial giant Blackstone is a major landlord in Las Vegas, with megaresorts on the Strip and other buildings in its portfolio. Now, an industrial real estate firm it owns is developing its first Southern Nevada warehouse projects. Link Logistics, which owns around 9 million square feet of industrial space in the region, recently…

The casino licences are immensely valuable - Crown paid Victoria $100 million just to extend its - and the monopoly or near-monopoly underpins their market value. Yet there is no regulatory cliff-edge where the licence will be swiftly removed because of non-compliance. If not in these instances, when could a casino licence conceivably be forfeited…

SYDNEY, Sept 13 (Reuters) - Star Entertainment Group (SGR.AX), Australia's second biggest casino operator, has been found unfit to hold a casino licence in Sydney after an inquiry into alleged breaches of anti-money laundering laws and criminal infiltration released its report. Australia's New South Wales (NSW) state gambling regulator on Tuesday…

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…

Employees at Las Vegas's The Cosmopolitan casino erupted into celebration after chief executives announced a surprise $5000 ($4261) bonus for all 5400 staff. The announcement came on Wednesday during a daytime event celebrating workers at the casino and resort, which is soon due to change ownership. The resort's CEO Bill McBeath credited the…

Sydney's Crown Casino will open its doors in August to VIP visitors only, less than two years after being deemed unfit to hold a gaming licence. Crown's restricted facility has the highest levels of governance and compliance, CEO Simon McGrath said ILGA granted a conditional licence in June because it had still not found the company "suitable" All…

After a decade of drama, Sydney finally has two casinos vying for its gambling dollar - separated by the barest sliver of a harbour. Crown Resorts and Star Entertainment Group have been put through the regulatory ringer, many would say belatedly, for their shoddy approach to compliance. But suitably chastened, both are now ready to go toe-to-toe in…

Most slot machines are programmed to pay out between 82% and 98% of the money that is wagered by players. The remaining percentage is what the casinos use to cover their expenses and make a profit. Unless you play at a no deposit casino, you should know how to calculate payouts. For any gambler, it is crucial to know as much as possible about…

The transaction that saw Blackstone sell The Cosmopolitan of Las Vegas for $5.65 billion was the " most profitable single asset sale ever " for the company's real estate business, Blackstone said in an earnings report Thursday. The high-priced transaction included a $1.625 billion lease-back deal for MGM Resorts International to acquire its…

Casinos are very popular, and bonuses are a great way for players to boost their bankrolls. By taking advantage of these offers, players can increase their chances of winning big prizes. There is a plethora of casino bonuses available, so it is important for players to understand the different options before choosing one. Casino bonuses at the new…

Good Morning. The Covid pandemic has accelerated a trend towards digital in the global lottery business and research is showing that the trend towards digital is likely to continue, as consumers have not abandoned habits they picked up during lockdowns. Today's Deep Dive focuses on trends to watch out for in the one form of gambling that's legal in…

Crown's Sydney casino is expected to deliver an extra $100 million in tax revenue to the NSW government in its first year, just a quarter of what its Melbourne venue delivers to Victoria's coffers. Crown was granted a licence to run its Sydney casino earlier this week Experts say the casino will make a quarter of what Crown Melbourne makes Crown…

The landlord of several megaresorts on the Strip has completed its buyout of billionaire James Packer's Crown Resorts Ltd., an Australian casino operator with its own history in Las Vegas. Blackstone announced Friday that it closed its acquisition of Crown, saying this marked its largest transaction to date in the Asia-Pacific region.…

But the world was a very different place in 2012, when Packer unveiled his grand plans with NSW premier Barry O'Farrell, and talkback radio king Alan Jones, providing the backing chorus. The casino mogul was still educating his fellow Crown investors, various state governments, and Australians at large, about the new phenomenon of Chinese tourists…

The NSW Independent Liquor & Gaming Authority has given Crown Sydney casino conditional approval to open its gaming operations The Authority's Chairperson, Philip Crawford, said Crown will be allowed to conditionally begin casino operations, giving the Authority the chance to monitor the final phase of its restricted gaming licence suitability…

Blackstone has cleared a major final hurdle in its planned $8.9 billion takeover of Crown Resorts, with the WA government announcing it has given regulatory approval to the deal. The government says the acquisition is subject to tough conditions Those conditions will'align' with royal commission recommendations They will include strategies against…

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…

Crown Resorts has started advertising for gaming table staff for its Sydney casino in preparation for the state government signing off on a strict conditional licence for the gambling giant. The NSW cabinet is expected to consider an agreement between the NSW gaming regulator and Crown as early as Monday to allow it to open its Barangaroo casino…

Crown Resorts is on the verge of securing a licence to finally open its Sydney casino 15 months after being deemed "unfit" by the NSW gaming regulator. Last year the Bergin inquiry said Crown needed to make sweeping cultural changes if it wanted to be a suitable operator The inquiry investigated incidents of money laundering and links to…

Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new appointments. Read on and get updated. Galaxy Gaming has launched Triton Casino Systems, a brand-new table game progressive operating system. Triton…

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…

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…

LAS VEGAS, Nev. (FOX5) - MGM Resorts International announced Tuesday the closing of its transaction with Blackstone to acquire the operations of The Cosmopolitan of Las Vegas for nearly $1.7 billion in cash. The move adds another strip casino to the MGM Resorts' portfolio. MGM Resorts entered into a 30-year lease agreement, with three 10-year…

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…

LAS VEGAS (NewsNation) - 5400 employees at a Las Vegas casino hit the jackpot in a big way. On Wednesday night, The Cosmopolitan of Las Vegas employees were taken by surprise during an employee appreciation and awards buffet when the resort CEO and president Bill McBeath announced that all 5400 people who work there would be receiving a $5000…

LAS VEGAS (Gray News) - The Cosmopolitan of Las Vegas surprised all its 5400 employees with a $5000 bonus at an employee appreciation and awards buffet Wednesday. Company representatives for the luxury resort casino and hotel said the bonuses total more than $27 million. Resort President and CEO Bill McBeath made the announcement on stage, followed…

The Cosmopolitan of Las Vegas rewarded its 5400 employees with a surprise $5000 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…

The resort said it gave an "unprecedented" $27 million to its workers during a festive event that was capped off with a "climatic drumroll" and confetti when Cosmopolitan CEO Bill McBeath made the announcement. The event celebrated private equity firm's Blackstone's nearly decade-long ownership of the property, which is in the to MGM Resorts…

Blackstone Group's time as a Strip casino operator is drawing to a close, but that doesn't mean the New York-based investment conglomerate is done with Las Vegas. Through its Blackstone Real Estate Investment Trust (REIT), the company will continue to own the land and buildings associated with four Strip properties operated by MGM Resorts…

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…

Once again, one of Crown's casinos has effectively been found to be too big to fail. Like its Victorian equivalent last year, the final report of the Perth Casino Royal Commission found Crown was not suitable to hold WA's only casino licence - but gave it two years to fix its problems. Through numerous high-level inquiries and the media coverage…

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…

Crown Resorts accepted a $8.9 billion buyout bid from Blackstone, a private equity firm. Just days after the news, the Australian casino company r eported a $141 billion loss for the last six months of 2021. In other casino news, a credit agency cut Las Vegas Sands' debt rating, while Wynn Resorts negotiated its first real estate sale. It's a tough…

After unveiling a lucrative deal to sell its Boston-area casino and rent it back, Wynn Resorts' boss put the kibosh on doing the same in Las Vegas. Wynn CEO Craig Billings said during an earnings call this week that Las Vegas is "very different" from regional casino markets, and the "need for continuous and sizable reinvestment in order to stay…

Crown Resorts' casino at its new Barangaroo property in Sydney is likely to be open on a conditional basis within weeks, the New South Wales regulator said. The Australian operator opened the new resort in December 2020, but was unable to open the gaming floors after being found to be unsuitable to hold a license in the state following revelations…

Private equity powerhouse Blackstone Inc. (BX) looks set to become the biggest gambling operator in Australia after it made an improved offer for Crown Resorts (ASX:CWN and CWLDY), which the casino company's board said shareholders should accept. That's unless a better offer comes in... I've written about this saga a couple times before,…

In 2021, Las Vegas had some big openings such as luxury property Resorts World Las Vegas and the Virgin Hotels Las Vegas, the latter a new resort property built at the former site of the Hard Rock Hotel & Casino. Last year also saw significant acquisitions on the Strip and beyond, including the San Manuel Band of Mission Indians' purchase of The…

Like countless other cities, Las Vegas spent the past year grappling with the pandemic and recovering from the economic disaster it unleashed in 2020. It also saw a burst of lucrative casino sales on the Strip as tourism rebounded from the public health crisis. Here is my list of Las Vegas' top 10 real estate deals of 2021. 1. The Cosmopolitan of…

MGM Resorts is putting the Mirage resort and casino in Las Vegas up for sale, ending a 21-year ownership of one of the strip's most famous properties. The company made the announcement in its earnings call late Wednesday, explaining to analysts that it doesn't want to invest more money into the 32-year-old property best known for its exploding…

MGM Resorts announced that it is selling one of the original mega-resorts on the Las Vegas Strip to the company owned by the Seminole Tribe of Florida for just shy of $1.1 billion. According to a report from USA Today, the Las Vegas-based gaming giant announced that it is selling the Mirage to Hard Rock International for $1.08 billion. Once the…

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…

Troubled Australian operator Crown Resorts and its regulatory overseer are working together to launch Crown Sydney's casino in early 2022. [Image: Shutterstock.com] Steven McCann, the new CEO of Australia's Crown Resorts, has said the troubled gaming giant aims to open its Sydney casino in early 2022. At an investor briefing on Monday, McCann said…

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…

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,…

Churchill Downs announced the signing of a deal to sell 115.7 acres of land near Florida's Calder Casino for $291 million, or approximately $2.5 million per acre. This, according to the company, was done in collaboration with Link Logistics, a logistics real estate investment trust founded by Blackstone in 2019. The property's sale is contingent…

Louisville-based Churchill Downs Incorporated has signed an agreement to sell 115.7 acres of land near Calder Casino in Miami Gardens, Florida, for $291 million or approximately $2.5 million per acre, the gaming company announced on Monday. CDI will be selling the land to owner of logistics real estate assets Link Logistics, which was established…

Churchill Downs Incorporated (CDI) has agreed to sell 115.7 acres of land to Link Logistics for $291m. At approximately $2.5m per acre, Link Logistics, the industrial real estate arm of investment giant Blackstone, will acquire the land near Churchill's wholly owned Calder Casino in the city of Miami Gardens, Florida. With a 170-acre parcel of land…

Some say that share markets are just glorified casinos tacked on to the economy so it was probably appropriate that trade in a real-life casino dominated the Australian market on Friday. Investors in Crown Resorts (ASX: CWN) shares have been doing it tough recently as a welter of inquiries found serious wrongdoing on a fairly widespread scale so…

When driving the Strip, walking its sidewalks or navigating its casinos, there is no mistaking it: America's rowdy gambling mecca is crammed with tourists again. And even though visitor volume remains below pre-pandemic levels, and the coronavirus outbreak has by no means been stamped out, casino investors are betting big that Las Vegas is back on…

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…

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…

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…

MGM Resorts International has continued its asset-light, reduced Sin City exposure strategy by putting its famed Polynesian-themed The Mirage Las Vegas up for sale. During an investor call on Wednesday, the casino operator's CEO Bill Hornbuckle announced MGM intends to sell The Mirage to another operator. Nevada Independent journalist Howard Stutz…

MGM Resorts International MGM 1.71% said it would sell its operations of The Mirage to another operator, part of a rash of deals that are changing the hands of ownership on the Las Vegas Strip. MGM Resorts, like other casino and hotel operators, has been shedding some of its assets including its real-estate holdings to focus on new business areas…

Venturebeat is reporting that social casino app usage skyrocketed during the last year when many people were spending much more time at home. The information comes from a compilation of data from GameRefinery and Liftoff. Social gaming and mobile ad optimization is big business with Blackstone taking a majority stake in leading mobile performance…

The multibillion-dollar sale of The Cosmopolitan of Las Vegas has not only put the flashy, once-financially troubled resort in new hands. It also marks the latest in a string of hotel deals on the Strip between two powerhouse companies and another investment on Las Vegas Boulevard from the CEOs of fast-food chain Panda Express. New York financial…

NEW YORK, Sept 27 (Reuters Breakingviews) - In Las Vegas, skill combined with luck is the best way to come out ahead. That's how private equity firm Blackstone (BX.N) hit the jackpot with a $5.7 billion deal to sell the Cosmopolitan casino. It caught a break when it bought the business seven years ago and is applying its know-how with some slick…

LAS VEGAS (AP) - The owner of the Cosmopolitan of Las Vegas, the New York private equity firm Blackstone, is selling the 3000-room Las Vegas Strip hotel in a $5.65 billion deal with a partnership that plans to contract with casino giant MGM Resorts International to operate the property. The new owners - the Cherng Family Trust, headed by Panda…

Murka has acquired Mobile Deluxe. Join gaming leaders online at GamesBeat Summit Next this upcoming November 9-10. Learn more about what comes next. Social casino game maker Murka Games has expanded its reach with the acquisition today of Mobile Deluxe, a maker of Solitaire games. The terms were not disclosed. With the backing of private equity…

Investment management company Blackstone has agreed to sell luxury hotel The Cosmopolitan of Las Vegas to... Investment management company Blackstone has agreed to sell luxury hotel The Cosmopolitan of Las Vegas to Stonepeak Partners for USD 5.65 billion. The transaction is one of the biggest single-asset property purchases to date. Under the terms…

MGM Resorts International will acquire the operations of The Cosmopolitan, the luxury casino and hotel on the Las Vegas Strip, for $1.625 billion from private equity giant Blackstone. Both MGM and Blackstone announced the deal on Monday. The private equity firm's Blackstone Real Estate Partners VII LP is selling the hotel and casino's real estate…

The Las Vegas Convention and Visitors Authority is nearing a $120 million deal to sell 10 acres of Strip-front property where the Riviera stood. The LVCVA's board of directors on Tuesday is scheduled to consider selling the land at the southeast corner of Las Vegas and Elvis Presley boulevards, across the intersection from the long-stalled former…

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…

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…

MGM Resorts is set to take over the operations of The Cosmopolitan casino resort in Las Vegas after purchasing the rights for $1.625bn from Blackstone. [Image: Shutterstock.com] MGM Resorts International will be taking over the operations of The Cosmopolitan casino resort in Las Vegas. This comes as the private equity firm Blackstone has sold the…

In a burst of multibillion-dollar deals, Las Vegas has seen investors pay mountains of money the past few years to own high-profile casino-resorts. Those sales have also shown what casino operators - well, one in particular - are willing to pay to rent these properties. MGM Resorts International has reached deals since fall 2019 to lease Bellagio,…

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…

Just a few years ago, MGM Resorts (NYSE:MGM) had to deal with a complicated ownership structure in arguably the most valuable section of the Las Vegas Strip. The company owns Bellagio Hotel & Casino, New York-New York, and Park MGM, but it didn't own The Cosmopolitan and only owned half of CityCenter, which sat in the middle of the company's row of…

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…

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…

Blackstone is once again seeking a high roller to purchase the Cosmopolitan of Las Vegas, this time soliciting offers in excess of $5 billion for the 11 year-old resort casino. One potential suitor exploring an offer is Apollo Global Management, according to Bloomberg. MGM Resorts International is also reportedly looking to swoop in as a potential…

lackstone is again offering the Cosmopolitan in Las Vegas for sale, with an asking price of $5 billion or more, according to sources cited by Bloomberg. The investment company initially bought the hotel and casino for $1.73 billion in 2014 from Deutsche Bank, which gained ownership through a crisis-related loan default in 2008. Since then,…

New York-based private equity firm Blackstone is reportedly looking to snatch $5 billion for The Cosmopolitan of Las Vegas, according to the latest round of rumors regarding the glitzy Strip property's possible sale. In an article published Friday, Bloomberg has named Apollo Global Management and MGM Resorts International as potential…

Steve McCann, CEO for Crown Resorts, is considering leasing out the group's casinos to James Packer's company in case it loses its gambling licences. Crown's new Sydney casino licence is already suspended after a February investigation showed the casino had been infiltrated by organised crime syndicates, which enabled money laundering. "Clearly we…

Las Vegas has gone through a number of transformations over the last half-century, going from mob town to mega-resorts built by junk bonds to an REIT haven. A largely unseen trend in the city over the last half decade has been the sale of a vast majority of the Las Vegas Strip's real estate to investment firms called real estate investment trusts…

Good morning, and welcome to the Indy Gaming newsletter, a weekly look at gaming matters nationally and internationally and how the events tie back to Nevada. If a colleague or associate emailed this newsletter to you, please to sign up and receive your own copy of Indy Gaming in your inbox. Las Vegas Sands is on its way to becoming just Sands. The…