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WSJ - Blackstone Preparing to Sell Cosmopolitan Hotel

Discussion in 'Casino Industry & Development' started by donfairplay, Apr 17, 2019.

  1. The Rumor

    The Rumor VIP Whale

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    Doubt they want to take the extra debt of Cosmo.
     
  2. ffejry

    ffejry #1 Bears Fan

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    Vital Vegas says Cosmo is sold and announcement as soon as tomorrow
     
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  3. nostresshere

    nostresshere Mr. Anti Debit Card

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  4. ffejry

    ffejry #1 Bears Fan

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  5. nostresshere

    nostresshere Mr. Anti Debit Card

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    Looks like another rumor bites the dust.

    LOL!
     
  6. VegasGroove

    VegasGroove VIP Whale

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    I love Cosmo and the fact that it is an independent.

    I hope whoever buys it doesn't funk it up like Harrahs did Rio years ago. If that happens, I will begin my search for another "star" to hitch my wagon.
     
  7. sinnerman

    sinnerman Low-Roller

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    I was going to say that this seemed really fishy to me. There is no way a guest facing employee would have any clue about a buyout. The only employees at Cosmo who would know would be senior VP's or executives (and even there, only a few of them would know the details, like SVP's in finance), and no SVP would ever reveal this info to a guest.

    It was suggested to me by someone else that is possible Vital Vegas picked up this info from a SVP and framed the tweet so as to protect them. It's either that or they are just making it up.
     
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  8. HHFan

    HHFan Low-Roller

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    You all have way too much faith in people keeping their mouths shut. Everyone in hospitality talks, so it’s very possible regular frontline employees would know a sale is basically done before all the t’s are crossed and the the press release goes out. Too many moving parts in this transactions to keep everyone quiet.

    All that said, Scott will take basically anything he hears and throw it on Twitter regardless of source quality so there’s definitely reason to doubt the info.
     
  9. stlguy197239

    stlguy197239 Low-Roller

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    Maybe Stevens is going to buy the Cosmo to finally get his hands on a strip properly and re-brand it to "Circa on the Strip".
     
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  10. mikel123

    mikel123 Low-Roller

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  11. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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  12. AlPal

    AlPal Vegas Addict

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    Just seen this on YouTube, please tell me it isn’t so!
     
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  13. stlguy197239

    stlguy197239 Low-Roller

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    I am of two minds with this.

    1 - MGM had a chance to buy them a few years ago and passed which is why Blackstone owns them now. Why would they change their mind now, when it will cost more because Blackstone just spent money on the room renovations? Seems like a bad investment at this point.

    2 - They absolutely need to buy Cosmo and pair it with Aria/Vdara as the destination location for the younger crowd. None of their other properties are geared towards the under 30 crowd or are mid strip.
     
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  14. fugsworth

    fugsworth High-Roller

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    @stlguy197239 Disagree on your second point, assuming no rebranding or repositioning. Aria/Vdara strikes me as broadly intended for people whose ages start with a 4 or 5. Second, Park MGM seems to be their mid strip 30s-crowd offering.
     
  15. luck.ofthe.draw

    luck.ofthe.draw VIP Whale

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    This. People just love to stir the pot. As someone who worked in gaming, rumors fly all the time and the majority of the time people don't know what they're talking about. Senior VP's, C-level execs are the ones in the know, and unless you're bangin' your boss, it's unlikely a base-level or guest-facing employee would have any insight.

    As said before, I won't believe it until I see it - beyond all these rumors, speculation and they said. :rolleyes:
     
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  16. stlguy197239

    stlguy197239 Low-Roller

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    The point was more that pairing a newly acquired Cosmo with Aria/Vdara would be a good plan to draw more younger people in. But I am curious, is Aria an older crowd? I was only there briefly last trip so I don't recall or have a lot of current info on it.

    Second, I think Park MGM appears that way because of the Knights arena behind the hotel and the concerts. I wouldn't consider Park MGM a younger crowd casino at all unless there is a concert/game. Even more so after the rebranding that made the casino dull and boring. No night club or center bar to speak of kind of hurts the draw.
     
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  17. stlguy197239

    stlguy197239 Low-Roller

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    It IS for sale, that is clear. I am guessing the speculation is because MGM already owns Aria/Vdara and Caesar's is in the no position to buy Cosmo.
     
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  18. fugsworth

    fugsworth High-Roller

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    @stlguy197239 I mean, not exclusively, but yes. Of course no hotel is "exclusively" any one demographic and they all have a little something for everyone, but generally I feel like most luxury properties skew middle aged or older (since that's usually where the money is), with the sole exception of the Cosmo.
     
  19. Crawfordesquire

    Crawfordesquire Low-Roller

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    cosmo is marketed as being for young people but in reality it's for people in their 40s/50's who want to spend their $ where they think the young people are.
     
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  20. Nevyn

    Nevyn VIP Whale

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    I think you might be drastically overestimating the appeal for people in their 40s/50s to hang around young people.

    The casino is branded for young people and has a branch of businesses in clubs and dining offerings to cater to that. But the property is also central and luxurious and the casino markets to players in their prime earning years in a generation that still likes casino games.

    They cater to both but they don't use one to lure the other.
     
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