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Cosmo up for sale

Discussion in 'Casino Industry & Development' started by Chuck2009x, Apr 16, 2014.

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  1. Chuck2009x

    Chuck2009x VIP Whale

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  2. ams722

    ams722 Side Bet Shunner

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    I'd love for MGM to buy it, but I doubt that'd ever happen.
     
  3. Pocketaces

    Pocketaces Tourist

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    I thought that there was a water shortage out there. The cosmo dug so deep to be built that they hit a natural spring and the water needs to be pumped out 24 hours a day! Maybe they could sell that spring water and turn a profit!

    :rolleyes2:
     
  4. NickyDim

    NickyDim VIP Whale

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    I thought that Marriot had controlling interest in the Cosmo.
     
  5. SH0CK

    SH0CK Stylin' and Profilin' Quasi Tech Admin

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    They are an operating partner, much like Hilton and Tropicana are.
     
  6. Someone

    Someone High-Roller

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    they just handle the reservations
     
  7. vegasvic

    vegasvic VIP Whale

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    I don't want MGM or Caesars to buy it. Time for some fresh blood on the strip.
     
  8. Jordan

    Jordan Caveman

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    Maybe Steve Wynn will chime in?
     
  9. BayouBengal

    BayouBengal VIP Whale

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    It's a geographic fit for MGM sitting b/t Aria and Bellagio. And CET is losing way too much money right now though they did sell themselves to themselves. Haha. Or maybe Boyd goes big time to make up for Echelon? haha
     
  10. sindustry

    sindustry VIP Whale

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    I'll buy it! Anyone want to go halves with me?
     
  11. ams722

    ams722 Side Bet Shunner

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    Cosmo is fresh blood.

    I wouldn't want Caesars to buy it. Cosmo is too nice to be a CET property. I'd hate to see the state it'd be in after they took over.
     
  12. breanna61

    breanna61 Super Moderator

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    I too hope MGM and CET keep their muddy paws off it. I've really enjoyed Cosmo and it's continual comps. I like having this non CET mLife option and being treated well. I hope it continues under whoever acquires the property. I'm bummed to read it is being sold.
     
  13. TXTriper

    TXTriper Tourist

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    Maybe we can start one of those crowdfunding things...
     
  14. Chuck2009x

    Chuck2009x VIP Whale

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    Marriott doesn't handle the reservations or operate the hotel, they're just affiliated. Meaning you can use Marriott's web site to book at Cosmo and Marriott gets a piece of the action.
     
  15. marcianofan

    marcianofan Low-Roller

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    Agreed...
     
  16. Kickin

    Kickin Flea

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    At the $1.5 billion valuation mentioned by some investors in the article I'd probably be in (subject to all sorts of due diligence). That's roughly a 15x EBITDA multiple which is where most of the mature gaming operators are valued. And I think Cosmo has a lot of untapped potential compared to them.

    Agreed with others that I'd like to see an operator with no presence on the strip buy it. Maybe someone like Boyd and then establish some synergies between with their other luxury product, the Borgata.
     
  17. dannyocean

    dannyocean High-Roller

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    This has been coming for a while. MGM does seem to be a natural fit based on the geographic location. And I'll be contrary -- I wouldn't mind to see that. I love the Cosmo but give all my play to MGM. So it'd give me an excuse to spend more time there.
     
  18. NickyDim

    NickyDim VIP Whale

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    as long as Genting doesn't buy it.
     
  19. Isuk

    Isuk Newbie

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    As long as CVS and Walgreens don't buy it I'll keep coming back.
     
  20. Tellafriend

    Tellafriend High-Roller

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    There is no way MGM is buying it. They are finally getting closer to shaving off some of their enourmous debt which is what has kept them growing their stock price until lately. They don't need another high end property competing with the one's they already own. Besides, there are newer untaped markets they are now getting into. Last thing they need is another Vegas property.

    CET -- they do need a real high end property to compete with MGM, Wynn and VP. However, they are beyond broke and their days are numbered.

    My guess is that a new consortium will emerge that will share the risk.

    Alternatively, what about Crown?? They are doing well with their Asian expsoure and have no Vegas footprint....
     
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