Las Vegas Casino Offers $27M In Worker Bonuses Soon after $1.6B Sale
Las Vegas Casino Gives $27M In Worker Bonuses Following $1.6B Sale
The U.S. economy appears to be on the decline, but a Las Vegas casino still awarded employee bonuses as component of a quickly-to-be-completed $1.six billion sale.
The Cosmopolitan of Las Vegas on Wednesday award a lot more than 5,000 of its workers with a $5,000 cash bonus, for a total bonus payment of about $27 million.
The present owner of the casino is Blackstone Group, a private equity firm situated in New York City. MGM Resorts International, based in Las Vegas, is acquiring the operations of the upscale casino on the Las Vegas Strip for a price tag of $1.six billion. The employee bonuses represent about 1.5% of the sale value.
The deal for the casino-hotel that opened in late 2010 is anticipated to close quickly.
Blackstone purchased the casino from Deutsche Bank AG in 2014 for $1.73 billion. It had previously sought a sale price tag of around $5 billion for the casino.
Following closing, MGM will enter into a 30-year lease agreement, with three 10-year renewal alternatives, with a partnership among Stonepeak Partners, Cherng Family Trust, and Blackstone Genuine Estate Income Trust, which will acquire Cosmopolitan’s actual estate assets.
“We are proud to add The Cosmopolitan, a luxury resort and casino on the Las Vegas Strip, to our portfolio,” stated MGM Resorts CEO & President Bill Hornbuckle when the deal was announced in 2021. “The Cosmopolitan brand is recognized about the planet for its exclusive buyer base and higher-good quality product and experiences, producing it an ideal fit with our portfolio and furthering our vision to be the world’s premier gaming entertainment business. We appear forward to welcoming The Cosmopolitan’s guests and workers to the MGM Resorts family members.”