Skift Travel News Blog

Short stories and posts about the daily news happenings around the travel industry.


Blackstone’s Sale of The Cosmopolitan Hotel Notched Profit Record

2 years ago

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.