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Cosmo on the market (again)

Discussion in 'Casino Industry & Development' started by serenasea, Sep 3, 2021.

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  1. Basil

    Basil VIP Whale

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    As I think about this a bit more, with pure unfounded speculation on my part, the newest player looking to make a presence on the strip (as well as a bunch of other acquisitions) seems to be Twin River/Bally's. Not sure if they'd be looking to add another property so soon, and Comso is more high end than most of their other holdings, but be a strong move if they really are looking to expand their LV presence.
     
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  2. Publius

    Publius Living the Dream

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    Can they afford it though? They already own the Trop and they bought out a lot of casinos outside of Vegas recently.
     
  3. rdwoodpecker

    rdwoodpecker High-Roller

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    Michael Gaughn and SP group would be great but, that ain’t happening!
    Do not really want any of the current strip owners to make a move on it.

    Someone in an earlier post mentioned Steve Wynn. Not sure he can get a Nevada gain gaming license!
    Hope Blackstone keeps it for now.
     
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  4. vegasvstr

    vegasvstr VIP Whale

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    They probably have enough to deal with Tropicana. Hope they do some major demo there.

    Seminole Hard Rock could afford it. Though I think they could get a better deal elsewhere with room to demo and build a guitar.
     
  5. 3544quebec

    3544quebec High-Roller

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    Cosmo, Battista's Hole in the Wall and Terrible Herbst would make a good fit - diversification is the name of the game!

    Think about it - you cover the markets that drink Cristal, Lambrusco AND gasoline.
     
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  6. Kachow

    Kachow VIP Whale

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    Even if Steve could get a new gaming license and somehow get investors together for a mega deal which I doubt, and he doesn’t want to just remain retired with his multiple billions, he always seemed to get off the most on large development projects rather than buying existing assets.
     
    Cosmo-NFR Week
    Adding a couple days to the trip.
  7. AllenAndRossi

    AllenAndRossi High-Roller

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    I never rule out B.H. Tannen.

    The Strip needs a Biff's!
     
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  8. MikeOPensacola

    MikeOPensacola El Jefe

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    This is just my opinion and not speculation.

    No way is Steve Wynn going to purchase Cosmo; he simply doesn’t have a thing to gain by doing so. For example, if Cosmo were to remain successful there’s no upside for him as far as his legacy goes; he’d just be remembered as a caretaker of an already very successful and renowned resort. If Cosmo were to hit the skids, or even just tread water, his image would be diminished - he’d be the guy that lost his mojo after all the problems he’s had and didn’t have the magic touch anymore. I just don’t see what there is to be gained. Besides, at almost 80 y/o how much more wind can he realistically have left in his sails? He was always such a high energy guy who got things done by sheer will and the force of his personality.

    He’ll always be remembered for the Mirage and Wynn/Encore; a guy who was a pioneer and took chances, a visionary who created game changers. That legacy is secure, and rightfully so, and, IMHO, will be even more so 20 years down the road when people are more inclined to forgive, forget or just plain don’t know, remember or even care about his troubles from a few years ago. At this point in his life I’d wager that with all his smarts, and especially vanity, he’ll just sail off into the sunset and let the volumes of his accomplishments speak for themselves in the future. I know if I were in his shoes I’d leave well enough alone and simply enjoy the autumn of my years…
     
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  9. Kachow

    Kachow VIP Whale

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    Don’t forget Bellagio.
     
    Cosmo-NFR Week
    Adding a couple days to the trip.
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  10. MikeOPensacola

    MikeOPensacola El Jefe

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    Indeed. Don’t know how I forgot that one.

    :beer: :beer: :beer:
     
    Dec 23rd - Dec 26th
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  11. Syringe Monkey

    Syringe Monkey Hero of the Baggage Carousel...

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    Maybe an Indian tribe will buy it?
     
  12. ReTriggerMe

    ReTriggerMe VIP Whale

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    Maybe its for sale and no one will buy it. Isn't that the most frequent outcome of when LV casinos go on the market?
     
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  13. ebbinns

    ebbinns Low-Roller

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    Tilman Ferttitta, owner of the Golden Nugget, seems interested. He walked the property last weekend per Vital Vegas.
     
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  14. vegasvstr

    vegasvstr VIP Whale

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    So Bubba Gump Shrimp Co coming soon to Cosmo?
     
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  15. Tutontow

    Tutontow Low-Roller

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    IMHO we all need to slow down on this one. Who knows maybe it is just a feeler to see if anyone bites. Can you imagine if MGM bought it. They would pretty much have the whole west side of the strip sewn up. They could just build a bridge from the dirty castle all the way up to Flamingo Road. This right here speaks volumes. "The Cosmopolitan, which opened in 2010, ran into financial trouble during its construction in the midst of the Great Recession. Owner Deutsche Bank AG, which built the property for $3.9 billion, sold it to Blackstone in 2014 for $1.73 billion." I mean if you can triple your investment in just seven years why not.
     
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  16. SunshineSlayer

    SunshineSlayer Low-Roller

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    I've read this in various places as well.

    It's always really busy. Lines a mile long for some of its food places. Those younger people that don't gamble much pay out the ears for food, drinks, and rooms there. I know because I'm the only gambler among my friend group and any time they come to Vegas (these are people in the tech industry that come often for conventions) they drop a ton of money on the Cosmo in non-gambling areas.
    And for gamblers it's the only place with a decent selection of slots left pretty much.
     
    Last edited: Sep 7, 2021
    12/13 - 12/15
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  17. Vegas24_7

    Vegas24_7 Degenerate

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    My take on Cosmo's success and whether it is an attractive buy is to simply start by looking at how popular it is on this VMB board. Look at the TR's. So many of the posts are with trips where Cosmo was one if not only the properties that people were staying at. From the TR's, posts reveal that people are certainly spending money for rooms, food and the gambling. If the property has a lot of paying customers, then they should have good revenue, and therefore it just takes good management to make profit from that revenue. For me, I like Cosmo for two main reasons, its location and that fabulous Bellagio fountain view.

    As to who would be best to buy it? Anyone but MGM or CET. Lol. I find that their policies on backend comps don't meet my expectations of what they once were. Cosmo comps aren't great for table players currently and they would be most likely get worse if it was owned by either.
     
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  18. Nevyn

    Nevyn VIP Whale

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    We should also settle down because simply selling does not mean what it used to.

    To a greater extent all the time, ownership and management/operation of strip properties are not the same thing. Cosmo could be sold and have possibly still have zero impact on the players club or amenities or hotel management.

    And I suppose on the flipside it is also theoretically possible that even if not sold, the reverse could happen and a big player in the operating space (like mlife or CET) could enter a lease/operation agreement.


    Point being, this is no longer as simple as the old "Caesars buys Rio/Barbary Coast/IP, caesars merges them, caesars ruins them" story line
     
    Tentative booking CETDorado farewell tour ends?
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  19. h0llywood

    h0llywood VIP Whale

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    I haven't been drinking yet, but for some reason, my eyes read that as "Italian Tribe."
     
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  20. Blue pacific

    Blue pacific Low-Roller

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    Also, don't forget the Golden Nugget....the Casino where the Wynn magic touch 1st started.
     
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