Las Vegas casino owner surprises 5,000 employees with $5,000 bonuses

The station said it gave an “unprecedented” $27 million to its employees at a celebratory event that ended with a “climatic drum roll” and confetti as Cosmopolitan CEO Bill McBeath made a statement. the announcement. The event celebrated ownership of the property by private equity firm Blackstone for nearly a decade, which is in the process of being sold to MGM Resorts International and a real estate company.

“We know that none of this would have been possible without the hard work and dedication of the resort’s incredible employees, and we are delighted to recognize these contributions,” said Tyler Henritze, Head of Strategic Investments for Blackstone Real Estate. , in a press release.

A press release said “tears and applause” filled the theater when the news was announced. Additionally, the bonus comes during a tight labor market where companies are trying to appease workers so they won’t look elsewhere.

The Cosmopolitan, which opened in 2010, is one of the most flashy and upscale resorts on the Strip. It quickly experienced financial turmoil after it opened and was bought by Blackstone in 2014 for $1.7 billion and spent around $500 million redeveloping its more than 3,000 rooms, casino floors and common areas with restaurants. and bars.

The Cosmopolitan Hotel and Casino in Las Vegas.
black stone (Bx) decided to unload the Cosmopolitan following the Covid-19 pandemic which upended the famous Nevada city. The company announced last year that it was selling it for $5.65 billion, more than the $4 billion it bought it for. MGM Resorts (MGM) paid $1.6 billion to assume its operations, with the rest of the money coming from real estate investment companies.
The Cosmopolitan isn’t the only massive casino and resort to change hands. MGM Resorts announced late last year that it was selling the Mirage to Hard Rock International for more than $1 billion. The 32-year-old property, known for its exploding volcano, is aging and MGM no longer wanted to invest in it.

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