Biggest Asset Sale: Blackstone Sells Casino

Blackstone, a leading US private equity giant, is expected to sell The Cosmopolitan resort and casino for $5.65 bn. The sales mark the biggest asset sale, with a $4.1 bn profit for Blackstone, who earned 10 times the amount of equity invested. Blackstone is expecting the sale to close in the first half of 2022.

The crux of the sale

The luxurious two high-rise towers are conveniently located on the Las Vegas Strip, on Boulevard South. The Cosmopolitan features 110,000 square feet of premium gaming areas and 28,000 square feet of retail and restaurant indulgence. Additionally, there are 26 restaurants and bars, a 3,200-seat theater, their own nightclub, and 24,300 square feet of meeting space.MGM Resorts International, an American global hospitality company, will be purchasing the ope...

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