The Las Vegas Cosmopolitan offered its 5,400 employees a one-time bonus of $5,000. [Image: Shutterstock.com]
$27 million in bonuses
The Las Vegas Cosmopolitan rewarded its 5,400 employees with a surprise $5,000 bonus on Wednesday.
“We know none of this would have been possible without the hard work and dedication of the station’s incredible employees, and we’re thrilled to recognize those contributions,” said Tyler Henritze, head of strategic investments for the company. private equity Blackstone Real Estate, in a statement.
met a shower of confetti
The resort gave away $27 million to its employees in a corporate meeting about private equity firm Blackstone’s nearly decade-long control of the property ahead of its impending sale to MGM Resorts. The evening was capped off with a charity announcement from Cosmopolitan CEO Bill McBeath, which was greeted with a shower of confetti.
Details of a joyful event
A press release detailed the “tears and applause” that filled the theater after the company’s announcement went public.
The Cosmopolitan is one of the most extravagant and upscale resorts on the Las Vegas Strip. It opened in 2010 and was sold to Blackstone in 2014 for $1.7 billion. Blackstone turned around and invested $500 million to renovate the building, redeveloping more than 3,000 rooms, restaurants and the casino floor.
MGM Resorts hit $5.65 billion asking price
However, the COVID pandemic has hit all Vegas properties hard, forcing the sale of the famous attraction. MGM Resorts hit the asking price of $5.65 billion, sending Blackstone $1.6 billion along with just over $4 billion from real estate investment companies.
A treacherous market
Tourism as a whole has been hit particularly hard by the pandemic, causing unforeseen circumstances and resulting property sales. Businesses are also struggling to retain employees as more businesses resume operations.
Despite purchasing the Cosmopolitan, MGM Resorts has been actively disposing of its real estate assets over the past year, selling the Mirage in Hard Rock for $1.08 billion. Among other concerns, MGM said the property was aging and it was unwilling to reinvest in it.
However, MGM is by no means leaving the market – the entertainment giant has just bought European iGaming company LeoVegas for $607 million, adding to its impressive portfolio which now also includes the Cosmopolitan.