{"id":13582,"date":"2014-05-15T08:56:37","date_gmt":"2014-05-15T16:56:37","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=13582"},"modified":"2014-05-15T08:56:37","modified_gmt":"2014-05-15T16:56:37","slug":"cosmo-sold","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/cosmo-sold\/","title":{"rendered":"Cosmo sold!"},"content":{"rendered":"

\"Cosmo<\/a>Deutsche Bank<\/strong> had to take a heckuva haircut but it finally rid itself<\/a> of The Cosmopolitan Las Vegas for $1.7 billion and change. The buyer is private equity fund\u00a0Blackstone Group<\/strong><\/a>, which paid a staggering 16.7X cash flow for this white elephant<\/a>.\u00a0\u201cAs part of our Strategy 2015+, the bank is committed to reducing its non-core legacy positions in a capital efficient manner which benefits shareholders,” said Deutsche Bank executive Pius Sprenger<\/strong>. A minority investor in Caesars Entertainment<\/strong>, Blackstone has never waded waist-deep<\/a> into gambling like this. The immediate reaction from JP Morgan analyst Joseph Greff<\/strong> was “We …\u00a0think this announcement speaks to a historically smart real estate buyer making a statement on the length of the LV Strip recovery, also a<\/p>\n

positive.” The market did not share<\/a> that sentiment. Also-rans in the Cosmo stakes were Penn National Gaming<\/strong> (which deemed it too expensive) and James Packer<\/strong>, who’s presumably still nursing that shiner he got in last week’s public brawl.<\/p>\n

* All’s not well at Foxwoods Resort Casino<\/strong>, which is closing parts<\/a> of its Rainmaker Casino floor during the slow hour — meaning you’ll have to go somewhere else to ‘make it rain.’ In what sounds like a precursor of layoffs to the 6,000-person workforce, Foxwoods said there would be “staffing changes across all levels of employment.”<\/p>\n

* Ken Adams<\/strong> critiques the stranger-than-fiction casino-approval saga in Massachusetts<\/strong> and finds the appropriate metaphor<\/a>: a three-ring circus.<\/p>\n","protected":false},"excerpt":{"rendered":"

Deutsche Bank had to take a heckuva haircut but it finally rid itself of The Cosmopolitan Las Vegas for $1.7 billion and change. The buyer is private equity fund\u00a0Blackstone Group, which paid a staggering 16.7X cash flow for this white … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[66,166,112,25,9,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/13582"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=13582"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/13582\/revisions"}],"predecessor-version":[{"id":13583,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/13582\/revisions\/13583"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=13582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=13582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=13582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}