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Review Journal

CEO pay towers over employees at big Las Vegas companies

With its economy fueled by tourism, Las Vegas' workforce is heavy on lower-paying service jobs. Las Vegas' corporate chieftains, on the other hand, earn paychecks that card dealers, housekeepers and cocktail servers can only dream of. The pay ratios of CEOs to their typical employees shot past 100-to-1 last year at several Las Vegas-based companies…

Industry ・ 01 May 2024

NWI Life

Four Winds Casinos Announce April Promotions

The Pokagon Band of Potawatomi's Four Winds® Casinos are pleased to announce exciting promotions for the month of April including its Lucky Time Bonus Game, $150000 Spring Cleanup, and the $50000 Grillin' & Chillin' Event! Lucky Time Bonus Game from Noon to 3 p.m. Eastern on April 7, April 14, April 21, and April 28, Exclusively at Four Winds…

Live Gambling ・ 29 March 2024

Casino.org

Vital Vegas Podcast, Ep. 161: Fontainebleau Debut and 93 Casinos in One Day

After a short hiatus, the Vital Vegas Podcast is back and we're so sorry. About the show being back. Not the hiatus. That was actually great. Although, we did miss stuffing Las Vegas into your sound collection orifices. Anyway, in this episode, we walk you through the newest Las Vegas casino resort, the eye candy factory that is Fontainebleau Las…

Land-based ・ 17 January 2024

Financial Post

Little-known Canadian company plays key role in US online gambling

Private-equity group Blackstone Inc. is among the biggest investors in the global gambling industry, owning swaths of the Las Vegas strip and casinos elsewhere. But in 2021, the firm, which has US$1 trillion of assets under management, spotted an opportunity in America's new and booming online betting industry in the form of a little-known Canadian…

Industry ・ 17 January 2024

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Luxury Lifestyle Magazine

The world’s most luxurious casinos and resorts to play poker in 2024

Poker is a popular card game that has long been associated with luxury, opulence and all round extravagance, having originated in the US in the 1800s before going on to become the world's most popular casino game. In recent years, the rise of online casinos has made the game more accessible than ever before, with players able to log on from…

Poker ・ 31 October 2023

The Salem News Online

Casino Night planned for Nov. 4

Healthy Dent County will be hosting the Fifth Annual Casino Night Fundraiser on Saturday, Nove. 4, at Salem Community Center @ the Armory. This year's event would not be possible without many local businesses sponsoring the event with American Family - Jonah Schafer, Agent being the main event sponsor. Doors open at 5:30 p.m. with gaming from…

Games ・ 27 October 2023

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

Bisnow

Las Vegas Hospitality Workers Authorize Strike As Investor Interest In Casinos Grows

Las Vegas hotel and casino workers are in negotiations for a new five-year contract. Las Vegas hospitality workers voted this week to authorize a strike in pursuit of a new five-year contract. The workers are members of the Culinary Workers Union Local 226 and Bartenders Union Local 165, who are employed in nongaming positions at casinos on the Las…

Travel ・ 01 October 2023

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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

Realty Income Invests $950M In Bellagio Las Vegas

One of the Las Vegas Strip's most iconic casinos has a new investor. Realty Income Corporation, The Monthly Dividend Company, and Blackstone Real Estate Income Trust jointly announced Aug. 25 that Realty Income has signed a definitive agreement to invest approximately $950 million to acquire common and preferred equity interests from BREIT in a new…

Industry ・ 29 August 2023

CoStar

Blackstone To Sell 22% Stake in Bellagio Las Vegas for $950 Million

In the formation of a new joint venture, Blackstone Real Estate Income Trust will sell a stake in the Bellagio Las Vegas resort and casino for $950 million to Realty Income Corp. Realty Income, a real estate investment trust, will acquire common and preferred equity interest from BREIT in a joint venture that owns 95% interest in the Bellagio,…

Industry ・ 29 August 2023

The Sydney Morning Herald

Crown casinos to launch online self-exclusion scheme for gamblers

People with gambling problems will be able to ban themselves from Crown casinos over the internet instead of having to do so in person, as part of a wider overhaul of the group's approach to harm minimisation. Crown Resorts' new safer gambling program also includes the establishment of a dedicated gambling policy team, which will monitor customer…

Gambling Addiction ・ 28 July 2023

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wenatcheeworld.com

Two Key Las Vegas Strip Resorts Casinos Could Be Sold

Major deals appear to be coming on the Las Vegas Strip where a casino sale doesn't always mean a change in operators. In the past 12 months, the Las Vegas Strip has seen some massive deals, as MGM Resorts International (MGM) - Get Free Report bought the operating rights to the Cosmopolitan while it sold operating rights to Mirage to Hard Rock…

Land-based ・ 25 April 2023

Review Journal

Casino landlord Vici Properties’ top boss open to more deals in Las Vegas

Tourists who fill Las Vegas Boulevard's massive resorts to eat, gamble and party, never see the name Vici Properties. But the casino landlord rakes in a fortune from the Strip. New York-based Vici, the biggest property owner in Las Vegas' famed casino corridor, owns Caesars Palace, MGM Grand, Mandalay Bay, The Venetian, The Mirage and other huge…

Land-based ・ 18 April 2023

imperialrepublican.com

Hospital’s Casino Night gearing up for Saturday

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…

Finance ・ 02 March 2023

Review Journal

Rio landlord wants to buy more casinos

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,…

Land-based ・ 27 February 2023

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Review Journal

Not every Las Vegas casino boss wants to sell, lease back resort

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…

Land-based ・ 20 February 2023

commercialsearch.com

REITs Lead Charge to Consolidate Casino Real Estate

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…

Land-based ・ 01 February 2023

Yogonet

Las Vegas: VICI closes $1.3B acquisition of remaining MGM Grand, Mandalay Bay stake

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…

Land-based ・ 15 January 2023

Review Journal

Casino landlord closes buyout of MGM Grand, Mandalay Bay on Las Vegas Strip

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…

Land-based ・ 09 January 2023

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Review Journal

Fontainebleau Las Vegas bankrolled by big casino landlords

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…

Land-based ・ 08 January 2023

The Mercury News

What’s coming to Las Vegas casinos and resorts in 2023

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…

Land-based ・ 06 January 2023

Yogonet

Crown to open its Sydney casino in August for VIP-only visitors under conditonal license

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…

Land-based ・ 05 January 2023

Yogonet

Developers secure $2.2B construction loan to complete luxury Fontainebleau resort in Las Vegas Strip

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…

Land-based ・ 04 January 2023

World Casino News

Fontainebleau Las Vegas will be realized after obtaining $2.2B construction loan

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…

Land-based ・ 31 December 2022

Los Angeles Daily News

Las Vegas: What’s coming to casinos and resorts in 2023

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…

Land-based ・ 30 December 2022

CoStar

Developers Secure $2.2 Billion in Financing for Planned Las Vegas Resort

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,…

Land-based ・ 29 December 2022

Gambling News

Fontainebleau Las Vegas Secured $2.2B to Ensure Project Completion

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),…

Land-based ・ 28 December 2022

Commercial Observer

Fontainebleau Scores $2.2B Loan to Build 9M-SF Resort and Casino in Las Vegas

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…

Land-based ・ 26 December 2022

Review Journal

Sale of Mirage shows high-priced casino rents on Las Vegas Strip

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…

Land-based ・ 26 December 2022

Review Journal

6 biggest casino deals on the Las Vegas Strip in 2022

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…

Industry ・ 26 December 2022

Review Journal

Tilman Fertitta gets approval for new hotel-casino on Las Vegas Strip

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…

Land-based ・ 17 December 2022

News-Daily

Las Vegas Strip Leader Sells Key Casino

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…

Land-based ・ 12 December 2022

The Nevada Independent

Indy Gaming: Research gives AGA ammunition in fight with illegal gambling operations

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…

Industry ・ 07 December 2022

Vegas Slots Online

VICI Adds Two Las Vegas Casino Properties in $5.5bn Deal

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…

Land-based ・ 02 December 2022

CNBC

Big Las Vegas property owner to take full ownership of two casinos

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…

Land-based ・ 02 December 2022

NBC 5 DFW

Las Vegas Strip’s Biggest Property Owner in Deal to Take Full Ownership of Two Casinos

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…

Land-based ・ 01 December 2022

Review Journal

Blackstone’s Link Logistics developing North Las Vegas warehouse complexes

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…

Travel ・ 17 November 2022

Financial Review

Casino investors should share in dirty money risks

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…

Finance ・ 15 September 2022

Reuters

'Frankly shocking': Inquiry says Star unfit to hold Sydney casino licence

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…

Travel ・ 13 September 2022

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

Enfield Independent

Las Vegas resort surprises thousands of workers with $5,000 bonus

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…

Covid ・ 23 August 2022

ABC Australian Broadcasting Corporation

Sydney's Crown Casino to open under conditional licence in August

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…

Travel ・ 17 August 2022

The Sydney Morning Herald

Sydney casinos: High rollers still on the menu as Crown and Star lock horns

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…

Travel ・ 12 August 2022

The Fan Carpet

Payout Percentage vs House Edge: It's Said That The House Always Wins But Are Slot Machine Payouts Random?

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…

Payment Methods ・ 08 August 2022

Yogonet

The Cosmopolitan of Las Vegas is real estate’s "most profitable single asset sale ever" for Blackstone

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…

Land-based ・ 26 July 2022

Woman's Era

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Bonuses ・ 07 July 2022

AGB - Asia Gaming Brief

Your Daily Asia Gaming eBrief: Covid spurs trend to digital lottery

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…

Covid ・ 27 June 2022

ABC Australian Broadcasting Corporation

Crown's Sydney casino to deliver $100m in extra tax revenue for NSW government in first year, experts say

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…

Finance ・ 26 June 2022

Review Journal

Blackstone, a major Las Vegas casino landlord, acquires Australia’s Crown Resorts

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.…

Travel ・ 24 June 2022

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Brisbane Times

Crown Barangaroo’s casino licence is critical to its survival in Sydney

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…

Gaming Authorities ・ 24 June 2022

European Gaming

CROWN CASINO GIVEN CONDITIONAL APPROVAL TO OPERATE GAMING

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…

Gaming Authorities ・ 22 June 2022

ABC Australian Broadcasting Corporation

Blackstone closes in on Crown Resorts as WA government approves takeover of Perth casino

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…

Travel ・ 10 June 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

The Sydney Morning Herald

Crown Sydney: Casino advertises for gaming staff as it prepares for conditional licence at Barangaroo

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…

Gaming Authorities ・ 03 June 2022

ABC Australian Broadcasting Corporation

Crown could secure licence to open Barangaroo casino despite being found unfit by gaming regulator last year

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…

Gaming Authorities ・ 03 June 2022

BNN Bloomberg

Banks Flex Up Pricing on $3 Billion Cosmopolitan Vegas CMBS Deal

Travel ・ 28 May 2022

European Gaming

Gaming Americas Weekly Roundup

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…

Sports ・ 24 May 2022

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

Fox 5 Vegas

MGM Resorts officially takes over Cosmopolitan of Las Vegas

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…

Travel ・ 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

News Nation Now

Las Vegas casino workers surprised with bonuses

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…

Land-based ・ 13 May 2022

WPTA 21 ABC

Cosmopolitan of Las Vegas surprises every employee with $5,000 bonus

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…

Covid ・ 12 May 2022

Vegas Slots Online

Cosmopolitan Shocks Its Employees With $5,000 Bonus

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…

Jobs ・ 12 May 2022

CNN

Las Vegas casino owner surprises 5,000 employees with $5,000 bonuses

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…

Jobs ・ 12 May 2022

The Nevada Independent

With Cosmopolitan sale nearing, Blackstone still has money on Vegas

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…

Gaming Authorities ・ 12 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

ABC Australian Broadcasting Corporation

The wheels at Perth's Crown Casino keep spinning despite royal commission's damning assessment

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…

Politics ・ 27 March 2022

Vegas Slots Online

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

New Jersey Online Gambling

Casino Roundup: Crown Buyout, Wynn Leaseback and Sands Junk Rating

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…

Gaming Authorities ・ 21 February 2022

Review Journal

Wynn selling real estate in Boston, not Las Vegas

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…

Land-based ・ 19 February 2022

AGB - Asia Gaming Brief

Crown Resorts' Barangaroo casino to be open within weeks

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…

Travel ・ 18 February 2022

Real Money

Blackstone Poised to Become Biggest Aussie Gambling Operator

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,…

Travel ・ 14 January 2022

The Press-Enterprise

Las Vegas: What’s coming to casinos and resorts in 2022

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…

Travel ・ 10 January 2022

Review Journal

Las Vegas’ top real estate deals of 2021

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…

Land-based ・ 31 December 2021

WKOW

MGM is selling Mirage casino: 'We have enough of Las Vegas'

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…

Travel ・ 14 December 2021

Card Player

MGM Resorts Sells Las Vegas Strip Casino To Seminole Tribe For $1.08 Billion

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…

Travel ・ 14 December 2021

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

Vegas Slots Online

New Year Launch in the Cards for Crown’s Sydney Casino

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…

New Year ・ 13 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

Golden Casino News

Churchill Downs agrees to sell lot near Calder Casino for $291 million

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…

Gaming Authorities ・ 29 November 2021

Yogonet

Churchill Downs to sell land near Florida's Calder Casino to Blackstone's real estate brand

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…

Land-based ・ 23 November 2021

Gambling Insider

Churchill Downs agrees $291m sale of land near Calder Casino

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…

Land-based ・ 23 November 2021

Small Caps

Crown pushes the share market casino into action

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…

Travel ・ 23 November 2021

Review Journal

Las Vegas casino investors wagering on comeback

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…

Land-based ・ 23 November 2021

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

Vegas Slots Online

MGM Resorts Puts The Mirage Casino up for Sale in Vegas

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…

Travel ・ 04 November 2021

The Wall Street Journal

MGM Plans to Sell Mirage Operations in Las Vegas

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…

Travel ・ 04 November 2021

Casino News Daily

Social gambling apps soared during the pandemic; Vegas is back

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…

Mobile Apps ・ 28 October 2021

Review Journal

Cosmopolitan sale the latest billion-dollar deal on Las Vegas Strip

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…

Land-based ・ 27 October 2021

Reuters

Blackstone places safer bet in Las Vegas

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…

Religion ・ 27 October 2021

KTAR News

Blackstone selling Vegas hotel Cosmopolitan in $5.65B deal

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…

Land-based ・ 27 October 2021

VentureBeat

Murka Games expands in casual mobile games with acquisition of Mobile Deluxe

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…

Industry ・ 18 October 2021

ICLG

Blackstone to sell The Cosmopolitan Las Vegas for USD 5.65 billion

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…

Travel ・ 17 October 2021

Forbes

Blackstone To Sell The Cosmopolitan Of Las Vegas For $5.65 Billion

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…

Covid ・ 14 October 2021

Review Journal

LVCVA to sell 10 acres of Las Vegas Strip property

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…

Land-based ・ 11 October 2021