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Rumor: Seminole Hard Rock to buy Cosmopolitan?

Discussion in 'Casino Industry & Development' started by Grid, May 2, 2018.

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  1. Grid

    Grid Well-Known Member

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    Anyone else heard these rumors?

    The short version is, Seminole Hard Rock Entertainment has long wanted to enter the Vegas market. Giving their "Locals" players a place in Vegas to earn. Much like the funneling CET does with Total Rewards.

    The problem has always been Brookfield Management owning the Las Vegas Hard Rock, and not the tribe. So they could not actually set up a new hard Rock to compete with the existing Hard Rock.

    All of that became moot once Virgin bought the old Hard Rock and are set to rebrand it. Freeing up the Seminoles to actually have their own Hard Rock. And instead of building a new joint, they will take over Cosmo and rebrand her.

    Thoughts? MGM kicked the tires on Cosmo previously but didn't pull the trigger. And it pretty much has always been up for sale.
     
    • Wow! Wow! x 1
  2. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    Where did you hear these rumors?
     
  3. nostresshere

    nostresshere Mr. Anti Debit Card

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    When I saw the title, I was thinking - another stupid unfounded rumor - but I will look at this anyways.

    But, in this case Grid actually gave us a reasonable scenario. thanks for that

    Personally, I am thinking Blackstone would want such a premium price, it would be difficult to do. then again, I have no idea how much money the Hard Rock/Seminoles have. Hmmmm..
     
  4. BarelyHangingOn

    BarelyHangingOn VIP Whale

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    • Informative Informative x 2
  5. Grid

    Grid Well-Known Member

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    I believe MGM balked at the $2BIL+ price tag last year. Blackstone is in for $1.7BIL. Cosmo is now profitable. But not sure if a "used" casino resort is worth $2BIL+

    Steve Wynn built the Encore from the ground up for just over that. If I were MGM, I would assume I would just be cannibalizing people from City Center (Aria) and Bellagio. IE, not worth it to me.

    But if I was Hard Rock, considering the small tweaks it would need to flip the property into their style, it might be worth it to take those MGM players away. As well as dangle the carrot for all my other players in other markets.

    It would have to cost more than $2BIL to buy land and build a Cosmo type space. So maybe the price is right to one, even if it is not right to the other.
     
  6. greekjim

    greekjim King Gyro

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    I wish their casino in Kenosha WI got approved years ago
     
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  7. jbpiv01

    jbpiv01 Low-Roller

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    Here's an idea to throw in...What if they buy the Harmon site across the street as well and really turn the Cosmo into a resort...I would if I were in the buying mood...

    Also MGM is broke, they couldn't afford it if they really wanted it.
     
  8. jbpiv01

    jbpiv01 Low-Roller

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    Do The Seminole's, own the Hard Rock Casino in Biloxi?
     
  9. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    Yes. Although I think its through a joint venture with another company
     
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  10. leo21

    leo21 VIP Whale

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    The only reason this is a slightly better alternative than CET or MGM is that it's a new operator and not a conglomerate overrepresented on the strip. But I still think that the Hard Rock brand is played out and I don't think that they will be able to maximize the potential of what Cosmo can offer.

    On Twitter, Vital Vegas is saying deal is done for Cosmo but can't officially confirm it's Hard Rock.
     
    • Informative Informative x 1
  11. Eleven99isFine

    Eleven99isFine VIP Whale

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    This is why I think MGM is def not buying Cosmo... It competes with its neighbors..
     
    • Agree Agree x 1
  12. Gwade

    Gwade Tourist

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    Yoyoseven I just read that VV blog today, and I hoped Hard Rock was looking to upgrade their spot to the Strip. I like have options other than just the main players on the strip. Maybe we’ll get lucky with some competition and better odds.
     
  13. SH0CK

    SH0CK Stylin' and Profilin' Quasi Tech Admin

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    It's not the same people that had the location in Vegas.
     
    • Agree Agree x 2
  14. jon95616

    jon95616 Low-Roller

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    Agreed. It would be a big mistake to change the name from Cosmo to Hard Rock.
     
    • Agree Agree x 3
  15. Grid

    Grid Well-Known Member

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    Hard Rocsmopolitan ?
     
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  16. emmas

    emmas VIP Whale

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    Cosmorock?
     
    Start of a hopefully lucky week in Vegas.
    Thanksgiving in Vegas
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  17. Bubbavegas

    Bubbavegas VIP Whale

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    Aren't all the Hard Rocks aside from Vegas owned by Hard Rock International? I know the one in Tulsa is merely licensed to use the name despite it being owned by the Cherokee tribe they paid a licensing fee to be able to use the name.
     
  18. Grid

    Grid Well-Known Member

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    Pretty much, as far as I know. When the original sale went down, the flagship Vegas casino was not part of the sale. In some states, they might not be able to own everything outright. And in others they are brought in as operating partners. But by and large its all Indian all the time.
     
  19. HoyaHeel

    HoyaHeel Grammar Police & Admin

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    Sounds like a business in Bedrock!

    [​IMG]

    Or, even better, the Jetsons/Flintstones crossover!!!

    [​IMG]
     
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  20. Marilynfan

    Marilynfan High-Roller

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    Huh. Well this is swell. Especially since I have put all my eggs in one basket so to speak. I was actually going to make a run for Gold on my June trip. Guess there is not much point in that now with everything up in the air as to what will be happening there. Sounds like I would be smarter trying to get back into the good books with MLIFE or CET. Ugh....but I love Cosmo!
     
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