There have been no discussions over the sale of The Cosmopolitan, the property says in a statement
The Cosmopolitan of Las Vegas is not up for sale and Florida-based gaming and hospitality company Hard Rock International is not buying the glitzy Strip property, despite a persistent rumor that has been floating around for the past several months.
In an email statement to Casino News Daily, the hotel and casino resort has denied the rumor, saying:
“The rumors regarding the sale of The Cosmopolitan are false. At this time, there have been no discussions regarding the sale of the resort.”
The Cosmopolitan is currently owned by the Blackstone Group. The multi-national private equity firm bought the property in the spring of 2014 for the amount of $1.7 billion.
Reports about the gambling resort’s potential sale first emerged this past spring on popular blog about everything Vegas-related Vital Vegas. According to a post on the blog, Hard Rock International, the Florida-based casino, hotel, and cafe chain owner, had been interested in buying Cosmo and had entered due diligence.
In a tweet from earlier this month, Vital Vegas wrote that Hard Rock was still in due diligence process and that the purchase of the property had been delayed by the “union situation” at the Strip casino.
Hard Rock has indeed been looking to expand its footprint across multiple globally popular destinations, but it seems that Las Vegas might not be one of them, or at least the expansion is not likely to happen through the purchase of The Cosmopolitan.
MGM Once Eyed Cosmo
The unstoppable Las Vegas rumor mill had previously churned out reports that MGM Resorts International, which owns multiple hotel and casino properties on the Strip, had previously expressed interest in buying The Cosmopolitan, but had later on lost that interest.
The resort occupies a 8.7-acre portion of land on the legendary Las Vegas Strip, right between the Bellagio and CityCenter, which are both owned by MGM. As mentioned earlier, Cosmo is currently owned by the Blackstone Group. The private equity giant purchased the property in 2014.
Cosmo features nearly 3,000 hotel rooms and suites. The resort kicked off major renovation of its rooms last summer. The remodeling included the addition of modern artwork and more user-friendly technology as well as improved lightning and new wall coverings, among others things.
The Cosmopolitan picked the design teams to work on the renovation project through a meticulous selection process. Said process lasted more than 18 months, during which an initial list of 20 designer firms was whittled down to just four finalists.
Aside from its hotel portion, The Cosmopolitan has also recently had its casino and sportsbook reinvigorated and its The Talon Club high-stakes gaming area expanded.
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