Growing rumors for sale of Cosmopolitan
— Staff Writer
Two investment banks have been retained by the owners of the Cosmopolitan for exploring and developing a strategy of sale for the landmark Vegas Strip hotel and casino.
Deutsche Bank AG and PJT Partners Inc. were hired by the Blackstone Group LP, to develop plans and structures that could see the sale of the 3,000 unit property
The Cosmopolitan is a popular venue, and could fetch up to 13 times its present cashflow, or nearly $4,000,000,000.
The sale would be the first of such major properties in more than a decade.
Speculation concerning buyers has been wild, but no official comment has been made. It is expected that unsolicited bids will be rejected.
A spokesman for MGM Resorts could not be reached for comment Wednesday.