Blackstone to sell Cosmopolitan hotel, casino for $5.65B

  • Blackstone (NYSE:BX) confirms an agreement to sell the Cosmopolitan casino and hotel on the Las Vegas Strip for $5.65B, a deal that makes it the firm's most profitable single asset ever.
  • The private equity firm bought the property for ~$1.8B seven years ago and paid an additional $500M on upgrades, renovating the almost 3,000 guest rooms and adding new restaurants and bars.
  • Its total profits after the sale come to ~$4.1B, including cash flow from the casino and hotel's operations, Blackstone (BX) told investors in a letter reviewed by the WSJ.
  • Under the transaction, Blackstone (BX) is selling the hotel and casino operations to MGM Resorts International (NYSE:MGM) for ~$1.6B. A partnership, including a Blackstone real estate investment trust, will acquire the underlying real estate for ~$4B, the letter said.
  • The property acquisition group also includes Stonepeak Partners, an infrastructure-focused investment firm, and the Cherng Family Trust, a Las Vegas-based family office for the founders of the Panda Restaurant Group .
  • The transaction is expected to close in early 2022.
  • The hotel was almost 87% occupied for the month of September through Friday, the WSJ reported, with average daily room rates at $448, according to Blackstone.

    Over the current book year the total revenue will be 9.08 billion USD (consensus estimates). This is quite more than 2021's revenue of 6.1 billion USD.

    Historical revenues and results Blackstone Group Inc plus estimates 2021

    fundamantele data

    The analysts expect for 2021 a net profit of 4.7 billion USD. According to most of the analysts the company will have a profit per share for this book year of 3.78 USD. The price-earnings-ratio equals 30.37.

    Per share the analysts are expecting a dividend of 3.22 USD per share. Thus the dividend yield equals 2.8 percent. The average dividend yield of the health care companies equals a moderate 1.27 percent.

    Blackstone Group Inc 's market capitalization is around 77.06 billion USD. 121

    On Tuesday the stock closed at 114.81 USD.

    Historical stock prices Blackstone Group Inc

    equity research blackstonegroupinc

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