News
Board Approves PE Firm's Big Casino Buy
Blackstone received the Gambling Control Board's recommendation yesterday for a license to buy Las Vegas' Cosmopolitan hotel and casino, the Review-Journal reported. The private equity firm's next bureacratic hurdle toward closing its $1.7B acquisition of the hip Strip property will take place on Dec. 18 when the Nevada Gaming Commission weighs in on the matter. Despite luring young, stylish visitors to its suites and nightclubs the Cosmo has not turned a profit in the four years since it opened at a cost of $3.9B. It was announced in May that Deutsche Bank had sold the property to Blackstone, marking the company's first foray into the casino sector.
