The Cosmopolitan of Las Vegas is a luxury resort casino on the Las Vegas Strip in Paradise, Nevada. It is owned by Blackstone Group, a global private equity firm.
The Cosmopolitan was built on the site of the former Dunes Hotel and Casino, which was demolished in 1993. The casino was developed by Ian Bruce Eichner and Jeffrey Soffer of the Sunstone Group. Construction began in 2005, and the Cosmopolitan opened in December 2010.
The Cosmopolitan was initially owned by a joint venture between Sunstone Group and Deutsche Bank. In 2014, Blackstone Group acquired Deutsche Bank's stake in the property for $1.6 billion. In 2016, Blackstone Group acquired Sunstone Group's stake for $1.7 billion.
The Cosmopolitan is a 2,250-room resort casino with a variety of amenities, including a casino, restaurants, nightclubs, and a spa. The property is also home to the Sahara Tower, an 87-story residential building.
The Cosmopolitan's casino has more than 3,000 slot machines and 150 table games. The resort also has a variety of restaurants, including Blue Ribbon Sushi Bar & Grill, Momofuku, and Estiatorio Milos. The Cosmopolitan's nightclubs include Marquee Nightclub & Dayclub and 1 OAK Nightclub.
The Cosmopolitan is a popular tourist destination and has been ranked as one of the best hotels in Las Vegas by Travel + Leisure and Condé Nast Traveler. The property has also been awarded the AAA Five Diamond and Forbes Five Star awards.
The Cosmopolitan is owned by Blackstone Group. Blackstone is a global private equity firm that invests in a variety of asset classes, including real estate, private equity, and credit. Blackstone is one of the largest private equity firms in the world, with more than $700 billion in assets under management.
Blackstone's acquisition of the Cosmopolitan was part of its strategy to invest in luxury real estate in Las Vegas. Blackstone has also invested in other Las Vegas properties, including the Bellagio, the MGM Grand, and the Wynn Las Vegas.
Blackstone has invested heavily in the Cosmopolitan since acquiring the property in 2016. The firm has renovated the property's rooms, restaurants, and public spaces. Blackstone has also added new amenities to the property, including a new pool deck and a new spa.
Blackstone is committed to the long-term success of the Cosmopolitan. The firm believes that the property is well-positioned to benefit from the continued growth of the Las Vegas tourism market.
The ownership of the Cosmopolitan is important because it affects the property's operations and future plans. Blackstone is a long-term investor that is committed to the success of the Cosmopolitan. The firm is likely to continue to invest in the property and improve its amenities.
Blackstone's ownership of the Cosmopolitan has benefited the property in several ways:
There are a few common mistakes that people make when it comes to the ownership of the Cosmopolitan:
If you are planning a trip to Las Vegas, be sure to consider the Cosmopolitan. The property is a great option for those who are looking for a luxury resort casino with a variety of amenities.
Table 1: Ownership of the Cosmopolitan
Date | Owner |
---|---|
2005-2010 | Sunstone Group and Deutsche Bank |
2014-2016 | Sunstone Group and Blackstone Group |
2016-present | Blackstone Group |
Table 2: Key Financial Data
Year | Revenue (USD) | Net Income (USD) | EBITDA (USD) |
---|---|---|---|
2017 | $1.3 billion | $300 million | $600 million |
2018 | $1.4 billion | $350 million | $650 million |
2019 | $1.5 billion | $400 million | $700 million |
Table 3: Room Rates
Room Type | Weekday Rate | Weekend Rate |
---|---|---|
Standard Room | $250 | $300 |
Deluxe Room | $300 | $350 |
Suite | $500 | $600 |
The Cosmopolitan of Las Vegas, also known simply as The Cosmopolitan, is a luxury resort casino on the Las Vegas Strip in Paradise, Nevada. Opened in 2010, the Cosmopolitan is owned and operated by Blackstone Group, Deutsche Bank AG, and CIM Group.
The Cosmopolitan was originally developed by Boyd Gaming Corporation and Morgan Stanley. Construction began in 2005, but was halted in 2008 due to the financial crisis. In 2010, Blackstone Group and Deutsche Bank AG purchased the property for $1.73 billion. CIM Group later joined the ownership group.
The Cosmopolitan is currently owned by the following entities:
Blackstone Group, a private equity firm, is the majority owner of the Cosmopolitan. Deutsche Bank AG, a German multinational investment bank, is the second-largest owner. CIM Group, a real estate investment and development firm, owns the remaining 5%.
The Cosmopolitan is managed by Cosmopolitan Hotel & Resorts LLC. The company is led by Bill McBeath, who has been the President and CEO of the Cosmopolitan since its opening in 2010.
The Cosmopolitan has been a financially successful property since its opening. In 2019, the resort generated $1.3 billion in revenue, making it one of the highest-grossing casinos on the Las Vegas Strip.
Table 1: Cosmopolitan Revenue (2015-2019)
Year | Revenue |
---|---|
2015 | $1.0 billion |
2016 | $1.1 billion |
2017 | $1.2 billion |
2018 | $1.3 billion |
2019 | $1.3 billion |
The Cosmopolitan offers a wide range of amenities, including:
The Cosmopolitan has received numerous awards and accolades, including:
Table 2: Cosmopolitan Awards and Recognition
Award | Year |
---|---|
AAA Five Diamond Award | 2010-present |
Forbes Travel Guide Five-Star Award | 2011-present |
Condé Nast Traveler Readers' Choice Award | 2011-present |
Travel + Leisure World's Best Awards | 2011-present |
Pros:
Cons:
The Cosmopolitan is one of the most luxurious and popular resorts on the Las Vegas Strip. Owned by Blackstone Group, Deutsche Bank AG, and CIM Group, the Cosmopolitan offers a wide range of amenities, award-winning restaurants, and a vibrant nightlife scene. Whether you're looking for a relaxing getaway or a night out on the town, the Cosmopolitan is the perfect destination.
Table 3: Cosmopolitan Pros and Cons
Pros | Cons |
---|---|
Luxurious accommodations | High room rates |
Wide range of amenities | Resort fees |
Excellent dining and nightlife options | Crowds can be overwhelming |
Convenient location on the Las Vegas Strip | Some amenities may have additional fees |
Call to Action:
Book your stay at the Cosmopolitan today and experience the best that Las Vegas has to offer!
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