I’ve been looking forward to this day for a while now. The sale of Cosmopolitan of Las Vegas is finally a done deal. Now it’s time for Blackstone to get to work. Balckstone has three items on the agenda:
(Jonathan) Gray (Global Head of Real Estate) said Blackstone has a “very simple” business model of “buy it, fix it, sell it.”
Buy it – Check. Now it’s time for the “fix it” stage.
Plans are sparse but here’s what I can put together right now. Blackstone will make some changes you can see and some that you can’t see.
- Casino – Blackstone is “acutely focused” on fixing the casino although no specific plans have been revealed besides that they want to “reinvigorate” the ground floor. Maybe this means expanding the concept of the popular Bond Bar area to other parts of the casino. (see details on Bond Bar pit at Vegas Chatter)
- Leadership – John Unwin is out and William McBeath, a former MGM Resorts International executive is in. He will start as soon as today. Read more about him here.
- New Rooms – 46 new hotel rooms will be added in the west tower. This is smart since they control all of the revenue, unlike clubs and restaurants. The Cosmo also has the highest ADR (Average Daily Room) prices in Vegas. This could generate about $10,000 a week. Not much in the overall budget but it can’t hurt.
- Expect Something New At The Top Of The East Tower – Blackstone says to expect “something creative with unused space at the top of the east tower”. Another club or restaurant with amazing views of Vegas sounds like a good fit here.
The Cosmopolitan is one of my favorite casinos in Vegas. I love hanging out here and am really looking forward to seeing what kind of changes Blackstone has in mind. We can discuss potential buyers next holiday season.
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