Las Vegas Casino Gives $27M In Worker Bonuses After $1.6B Sale

The U.S. financial system seems to be on the decline, however a Las Vegas on line casino nonetheless awarded worker bonuses as a part of a soon-to-be-completed $1.6 billion sale.

The Cosmopolitan of Las Vegas on Wednesday gave greater than 5,000 of its staff every a $5,000 money bonus, for a complete bonus fee of about $27 million.

The present proprietor of the on line casino is Blackstone Group, a personal fairness agency situated in New York City. MGM Resorts International, primarily based in Las Vegas, is buying the operations of the upscale on line casino on the Las Vegas Strip for a price ticket of $1.6 billion. The worker bonuses characterize about 1.5% of the sale value.

The deal for the casino-hotel that opened in late 2010 is anticipated to shut quickly.

Blackstone bought the on line casino from Deutsche Bank AG in 2014 for $1.73 billion. It had beforehand sought a sale value of round $5 billion for the on line casino.

Following closing, MGM will enter right into a 30-year lease settlement, with three 10-year renewal choices, with a partnership amongst Stonepeak Partners, Cherng Family Trust, and Blackstone Real Estate Income Trust, which can purchase Cosmopolitan’s actual property property.

“We are proud to add The Cosmopolitan, a luxury resort and casino on the Las Vegas Strip, to our portfolio,” mentioned MGM Resorts CEO & President Bill Hornbuckle when the deal was introduced in 2021. “The Cosmopolitan brand is recognized around the world for its unique customer base and high-quality product and experiences, making it an ideal fit with our portfolio and furthering our vision to be the world’s premier gaming entertainment company. We look forward to welcoming The Cosmopolitan’s guests and employees to the MGM Resorts family.”