Cosmopolitan of Las Vegas surprised its more than 5,000 employees last Wednesday (11) with a one-time bonus of $5,000.
The resort said it donated an “unprecedented” $27 million to its workers during a festive event that ended with a “drum roll” and confetti when Cosmopolitan CEO Bill McBeath made the announcement.
The event celebrated the nearly decade-long ownership of private equity firm Blackstone, which is being sold to MGM Resorts International and a real estate company.
“We know that none of this would have been possible without the hard work and dedication of the resort’s incredible staff, and we are thrilled to recognize these contributions,” said Tyler Henritze, head of strategic investments at Blackstone Real Estate, in a statement.
A press release said “tears and applause” filled the theater when the news broke.
Also, the bonus comes during a tight job market, where companies are trying to appease workers from looking elsewhere.
The Cosmopolitan, which opened in 2010, is one of the most flashy and upscale resorts on the Strip.
The company quickly hit financial turmoil after it opened and was bought by Blackstone in 2014 for $1.7 billion and spent about $500 million renovating its more than 3,000 rooms, casino floors and common spaces with restaurants and bars.
Blackstone decided to unload Cosmopolitan after the Covid-19 pandemic that brought down the famous city of Nevada. The company announced last year that it was selling it for $5.65 billion — more than the $4 billion it bought for.
MGM Resorts paid $1.6 billion to take over its operations, with the rest of the money coming from real estate investment firms.
The Cosmopolitan isn’t the only massive casino and resort that is changing hands. MGM Resorts announced late last year that it was selling The Mirage to Hard Rock International for more than $1 billion.
The 32-year-old property, known for the volcano’s explosion, is aging and MGM is no longer willing to invest in it.
Source: CNN Brasil
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