WSJ News Exclusive | Blackstone Selling Vegas Casino, Firm’s Most Profitable Property Deal

Blackstone Inc. has reached an settlement to promote the Cosmopolitan casino and resort at the Las Vegas Strip for $5.65 billion, the corporate stated on Monday, and informed buyers in a non-public letter that the sale is the corporate’s maximum successful of a unmarried asset ever.

Blackstone acquired the two-tower property for approximately $1.8 billion seven years in the past and spent an extra $500 million on upgrades, together with renovating the just about 3,000 visitor rooms, development luxurious suites and including new eating places and bars.