Not Satisfied With Taking Over America’s Rental Market, Blackstone Now Takes Aim At Las Vegas

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After losing $4 billion as both a lender and equity-holder, Deutsche Bank has decided now is the time to sell The Cosmopolitan of Las Vegas. The lucky buyer of the 3000-room hotel and casino… none other than America’s largest landlord – Blackstone Group. The formerly biggest « buy-to-rent » private equity firm is paying $1.7 billion for the Vegas hotspot after having piled $3.5 billion into property across the city and other parts of Nevada. It is ironic that it was Steve Wynn, another Vegas magnate, who recently noted just how great times were for the ‘big guy’ seeking cheap financing (and, unfortunately, just how bad it was for the average joe).

As The Wall Street Journal reports,

The world’s largest private-equity firm on Thursday agreed to pay $1.7 billion in cash to Deutsche Bank for the Cosmopolitan of Las Vegas, a 3,000-room hotel and casino on the Strip that…

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