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Cosmopolitan’s new owners seek to reverse unprofitability

By Anthony Curtis

POSTED: 01:30 a.m. HST, Jun 15, 2014

~~<p>Rumor no more, the Cosmopolitan of Las Vegas has been sold. The south-Strip resort was purchased by Blackstone Real Estate Partners for $1.73 billion, well under the $3.9 billion seller Deutsche Bank spent to complete the Cosmopolitan after assuming ownership in 2008. Despite being home to some of the city's best restaurants and considered to be among the trendiest resorts on the Strip, the Cosmo has experienced problems attracting gamblers, which has led to unprofitability to date. In an effort to boost casino results, it's expected that Blackstone, a relative newcomer to the casino business, will bring in an experienced casino operator to run the resort.</p>
<p><strong>Big poker</strong>: The World Series of Poker got off to a roaring start last week, with the $1.5K buy-in &quot;Millionaire Maker&quot; tournament drawing 7,977 players, easily beating last year's 6,343. It was the second-largest field in WSOP history, behind only the 2006 Main Event, which had 8,773. The winner was Jonathan Dimmig, whose first-place prize was $1.3 million from the $10.7 million prize pool.</p>
~~

Rumor no more, the Cosmopolitan of Las Vegas has been sold. The south-Strip resort was purchased by Blackstone Real Estate Partners for $1.73 billion, well under the $3.9 billion seller Deutsche Bank spent to complete the Cosmopolitan after assuming ownership in 2008. Despite being home to some of the city's best restaurants and considered to be among the trendiest resorts on the Strip, the Cosmo has experienced problems attracting gamblers, which has led to unprofitability to date. In an effort to boost casino results, it's expected that Blackstone, a relative newcomer to the casino business, will bring in an experienced casino operator to run the resort.

Big poker: The World Series of Poker got off to a roaring start last week, with the $1.5K buy-in "Millionaire Maker" tournament drawing 7,977 players, easily beating last year's 6,343. It was the second-largest field in WSOP history, behind only the 2006 Main Event, which had 8,773. The winner was Jonathan Dimmig, whose first-place prize was $1.3 million from the $10.7 million prize pool. Login for more...



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