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Hotels

Blackstone's Sale of The Cosmopolitan Hotel Notched Profit Record

Sean O'Neill photo
Sean O'Neill
July 22nd, 2022 at 1:39 PM EDT

Alternative asset manager Blackstone released its earnings on Thursday and revealed that its $5.7 billion sale of the Cosmopolitan hotel and casino in Las Vegas had produced about $4.1 billion in profit, the Wall Street Journal estimated

The financial firm said in filings that the Cosmopolitan sale was its most profitable single real estate asset sale ever. But it didn't precisely disclose the profit. The WSJ deduced the amount by analyzing the company's profit-and-loss sheets for the second quarter. Blackstone as a whole reported a net loss for the quarter.

The Las Vegas Review-Journal has some context on the Cosmopolitan deal and the long-term Blackstone's effects on workers, the resort, and Las Vegas.

Sean O'Neill photo
Sean O'Neill
July 22nd, 2022 at 1:39 PM EDT

Tags: blackstone, Blackstone Group, las vegas

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