Cosmopolitan Casino Las Vegas surprises 5,400 workers with $5,000 bonuses

Bill McBeath, president and CEO, made the announcement.
Bill McBeath, president and CEO, made the announcement.

The venue owned by the Blackstone Group wanted to recognise employees’ dedication.

US.- The Cosmopolitan Casino, in Las Vegas, has surprised its employees with a special bonus. The venue owned by the Blackstone Group will give its 5,400 workers a $5,000 bonus each.

Bill McBeath, president and CEO of The Cosmopolitan, made the announcement at the casino’s Chelsea Theater during a company event.

Tyler Henritze, head of strategic investments for Blackstone Real Estate, said: “The firm is incredibly proud of what we accomplished at The Cosmopolitan. None of that would have been possible without the hard work and dedication of the resort’s amazing employees, and we are thrilled to recognize those contributions.”

The Culinary Union, which represents workers at Las Vegas casinos, commented: “It’s the right thing for a company to share a portion of their profits with employees who have worked so hard to make the property successful.”

The Blackstone Group is currently in the process of selling The Cosmopolitan resort and casino in Las Vegas for $5.65bn. The price is more than three times the $1.8bn the group paid for the property seven years ago.

As part of the deal, MGM Resorts International will buy the casino operations for $1.63bn. The transaction will separate hotel ownership from casino operations. The property itself will be sold to a partnership among Blackstone’s REIT, Stonepeak Partners and the Cherng Family Trust for about $4bn.

Las Vegas visitors up 50% year-on-year in March

The Las Vegas Convention and Visitors Authority (LVCVA) revealed that more than 3.33 million people visited Las Vegas, Nevada, in March. That’s an increase of nearly 50 per cent from 2.2 million in March 2021 and just 10 per cent below pre-pandemic numbers.

The strong visitor volume was largely due to the return of large conventions and shows. Exhibition attendance totalled 494,200, a rise of 1,500 per cent year-on-year. The market’s 150,692 hotel rooms were occupied at a rate of 80.6 per cent, up 25 per cent from 2021.

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