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WSJ News Exclusive | Blackstone Selling Vegas Casino, Firm’s Most Profitable Property Deal

Total profits after the sale would be about $4.1 billion, including cash flow from the property’s operations.

9/28/2021 11:00:00 AM

Blackstone has reached an agreement to sell the Cosmopolitan casino and hotel on the Las Vegas Strip for $5.65 billion

Total profits after the sale would be about $4.1 billion, including cash flow from the property’s operations.

Updated Sept. 27, 2021 8:43 am ETBlackstone Inc. has reached an agreement to sell the Cosmopolitan casino and hotel on the Las Vegas Strip for $5.65 billion, the company said on Monday, and told investors in a private letter that the sale is the company’s most profitable of a single asset ever.

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Blackstonefor about $1.8 billion seven years ago and spent an additional $500 million on upgrades, including renovating the nearly 3,000 guest rooms, building luxury suites and adding new restaurants and bars. Read more: The Wall Street Journal »

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