Las Vegas' Cosmopolitan gifts $4.2k bonuses to over 5,000 employees
May 13, 2022
Las Vegas casino The Cosmopolitan distributed $4,261 in surprise bonuses to 5,400 of its employees on Wednesday, May 11, 2022.
Cosmopolitan CEO Bill McBeath himself announced the surprise at the company's recent celebratory events.
“Tears and applause” were observed across the theater where a total of $27 million was poured in for the bonus. One of its employees, Edgar Rives, rejoiced at the recent announcement. "It's amazing," said the cook who spent nine years in the employee cafeteria. "It's a big surprise."
The casino and resort held an event commemorating the property's 10-year-long ownership by the private equity firm Blackstone. It was also a farewell event for the present owner as the property was recently purchased by MGM Resorts International and a real estate firm.
"We know that 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," said Tyler Henritze, Blackstone Real Estate's head of strategic investments.
Companies have started to appreciate their employees in response to the tight labor market across the U.S., where employee retainment is crucial. CEO McBeath appreciated the workers for keeping the company "a youthful, exuberant brand" despite the COVID-19 pandemic hit.
The Cosmopolitan History & Future
The Cosmopolitan opened 12 years ago in 2010 as an upscale resort. The original owners ran into a financial problem, leading to a takeover by Blackstone in 2014 for $1.7 billion.
Blackstone then spent $500 million to turn the casino's fate around. The company added 3,000 guest rooms, casino floors, and common spaces, as well as restaurants and bars.
However, Blackstone eventually had to let go of The Cosmopolitan after the COVID-19 pandemic, which impacted the world as well as the whole gambling city of Las Vegas, Nevada. The company decided to sell the property in 2021 for $5.65 billion.
MGM Resorts paid $1.6 billion out of the total price, whereas the real estate investment firms paid the rest. The number is far higher by more than $4 billion compared to when Blackstone purchased it a decade ago. Previously, MGM Resorts had sold one of its highly successful casinos and resorts, The Mirage, for more than $1 billion to Hard Rock International due to the property's age of 32 years old.
The Cosmopolitan is a luxury resort hotel and casino as well as a restaurant collection with world-class chefs. It has rooms with residential-style spaces, private terraces, and skyline views. It also has premium boutiques, three pools, as well as a spa. With its 100,000 square-foot casinos, The Cosmopolitan lit up at night to accommodate the city's nightlife.
MGM Resorts International is an entertainment company known for its best hotels and casinos. The company operates across the U.S. as well as internationally and is currently seeking to expand to Asia starting with Japan.