Having been in business for less than a decade, the Cosmopolitan Casino Resort in Vegas can best be described as one of the newest properties on the Las Vegas Strip, and whilst its true to say the cost of staying at the resort can be somewhat restrictive for many people, a huge number of gamblers do venture onto its gaming floor to play their favourite casino games.
However, word has it that the owners of the Cosmo, as it is lovingly referred to by players, may be about to sell the property. It is the Blackstone Group who currently own the venue having purchased it back in 2014.
They paid a total of $1.7billion buying the property and then had to invest a further $500 million finishing it off and renovating several areas of the resort.
Blackstone Group has retained the services of Deutsche Bank AG and PJT Partners who are going to be tasked with looking into ways that the Cosmopolitan Casino Resort could be sold or whether there are ways the current owners could continue operating the venue but with a new part owner coming onboard.
Whilst there doesn’t appear to be any investor currently lined up or who is interested in taking control of the property, what is known is that in the right market conditions it could be sold for as much as $4billion, which would see the Blackstone Group locking in an almost 100% profit on their initial investment.
With the casino currently operating, and with a total gaming area of some 110,000 and with the 3027 rooms and suites not being in any urgent need of any renovations, the casino resort may appeal to city investors looking for an off-the-shelf casino operation and one that will not require an immediate or huge remodelling budget, which is often the case with such properties.