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Cosmopolitan in Las Vegas surprised more than 5,000 employees Wednesday with a $5,000 bonus.
The resort says Cosmopolitan CEO Bill McBeath gave workers $27 million in "unprecedented" money at a festive event that ended with "climate drum roll" and confetti when he announced it. The event celebrates private equity firm Blackstone's nearly decade-long ownership of the property, which is in the midst of a sale to MGM Resorts International and a real estate company.
"We know nothing would have been possible without the hard work and dedication of the resort's incredible staff, and we are pleased to acknowledge such a contribution," Tyler Henriette, Head of Strategic Investment at Blackstone Real Estate, said in a statement.
When the news broke, "tears and applause" filled the theater, and there was also a press release saying that bonuses arrived in the tight labor market, where companies were wary of workers.
Opened in 2010, Cosmopolitan is one of the more colorful and luxurious resorts in Streep. It quickly created financial turmoil after opening and was purchased by Blackstone in 2014 for $1.7 billion and spent approximately $500 million remodeling more than 3,000 rooms, casino floors and public spaces with restaurants and bars.
Blackstone Decides To Take Off Cosmopolitan After COVID-19 Pandemic Upends Famous Nevada City. The company announced it sold it last year for $5.65 billion, more than the $4 billion it bought. MGM Resorts (MGM) paid $1.6 billion of this to run the operation, with the rest coming from real estate investment companies.
Cosmopolitan isn't the only large casinos and resorts changing hands. MGM Resorts announced late last year that it had sold Mirage to Hard Rock International for more than $1 billion. Known for its volcanic eruptions, the 32-year-old building has aged and MGM no longer wanted to invest in it.
Friday, November 10, 2023