![]() ![]() ![]() ![]() It did not disclose the profits from the deal, which closed in May, but The Wall Street Journal previously reported that Blackstone’s total profits, including cash flow from operations, would be around $4.1 billion.īlackstone is still a major casino landlord on the Strip, though its sale of The Cosmopolitan marked the lucrative culmination of a yearslong run with the flashy resort, which opened during the worst recession in decades and was deep in the red before Blackstone bought it.īlackstone’s sale was also the latest high-priced transaction in Las Vegas that did not produce a dollar of real estate transfer taxes, an issue that Gov. The New York financial giant said in an earnings report Thursday that its $5.65 billion sale of the hotel-casino was the “most profitable single asset sale ever” for the company’s real estate business. (Ellen Schmidt/Las Vegas Review-Journal) sale of The Cosmopolitan of Las Vegas was one for its record books. Cosmopolitan Las Vegas on Thursday, July 21, 2022, in Las Vegas. ![]()
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